
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.
Robert Morris, founding pastor of Gateway Church, a megachurch in Southlake, Texas, has been indicted on five counts of lewd or indecent acts with a child, stemming from alleged incidents dating back to the 1980s, the Oklahoma attorney general's office announced Wednesday. We are aware of the actions being taken by the legal authorities in Oklahoma and are grateful for the work of the justice system in holding abusers accountable for their actions. We continue to pray for Cindy Clemishire and her family, for the members and staff of Gateway Church, and for all of those impacted by this terrible situation.