Dow rallies 500 points day after a dramatic drop
CBSN
Stocks are rebounding on Wall Street, clawing back most of their sharp losses from last week, when the prospect of an eventual interest-rate hike spooked many investors.
The Dow rallied 586 points, or 1.8%, to close at 33,876. The S&P 500-stock index snapped 1.4% higher, recovering two-thirds of its worst weekly loss since February. Oil producers, banks and other companies that were hit particularly hard last week made the biggest gains Monday. The tech-heavy Nasdaq composite closed 0.8% higher, at 14,141. Investors are still figuring all the ramifications of the Fed Reserve's latest meeting on interest-rate policy, where it indicated it may start raising short-term rates by late 2023. The Fed also began talks about slowing central bank programs meant to keep longer-term rates low, an acknowledgment of the strengthening economy and threat of higher inflation.
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