Stocks Soar As Rebound Pushes Dow 400 Points Higher

Stocks Soar As Rebound Pushes Dow 400 Points Higher

After last week's roller-coaster ride on Wall Street, U.S. stock futures indicated gains in Monday trading. The Standard & Poor's 500, the benchmark for many index funds, gained 1.4 percent to 2,656.

Oil prices have dropped since reaching long-time highs in late January, when USA crude peaked at $66 a barrel.

The Dow Jones Industrial Average was down 106.83 points or 0.42% at 24,488.39 while the S&P 500 was down 5.39 points or 0.20 % at 2,647.53. The Nasdaq plummeted by 5.1%, while the Dow and the S&P 500 both plunged by 5.2%. At the end the index closed with increase of or 1.70% to 24,601.27 points. It had risen as much as 574 earlier, led by big gains for Boeing and Apple.

The technological Nasdaq Composite rose by 1.6% to 6,981.96 points. Stocks rose Friday but still wound up with their worst week in two years following several days of turbulence.

Bond prices edged higher.

Shares of Amazon, Bank of America and Apple - which fell sharply last week - all rose by at least 2.5 percent. General Electric posted a loss. According to LPL Financial, it was the swiftest move from a record high to a correction for the S&P 500, the most widely used market benchmark. Inflation and interest-rate fears sparked a stock market rout after U.S.jobs data was released on February 2.

WHERE THINGS STAND: Investors remain wary of turbulence.

By 9:54 a.m. NY time, the FTSE 100, which captures Britain's largest companies, had fallen 1.7 percent, Germany's DAX had tumbled 2.2 percent and France's CAC 40 had dropped 2.1 percent.

European markets are also higher.

They have slumped recently after winning a big portion of the market's gains over the past year.

More news: Protest in Tel Aviv demanding PM Netanyahu's resignation

The mood of traders this week could hinge on the reception of President Donald Trump's new budget plan.

The release this Wednesday of the Consumer Price Index for January will provide some more clarity on inflation. Instead, it was a healthy market correction that is welcomed and long overdue.

"My view is that the backdrop is still favorable enough", he said.

Investor attention is focused on the question of inflation.

Oil futures dipped just below US$59 per barrel.

Oil prices have dropped since reaching longtime highs in late January, when US crude peaked at $66 a barrel. The S&P 500 energy index is down 12 percent over the last month. Silver lost 20 cents, or 1.2 percent, to $16.14 an ounce. Disney agreed to buy Fox's movie and television studios and some cable and global TV businesses in December for about $52.4 billion in stock.

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Bond prices were little changed. The yield on the benchmark 10-year Treasury note hit a four-year high of nearly 2.9% on Monday.

Shares of 21st Century Fox added 2.2% after a report that Comcast Corp. may be looking to revive its bid to buy the company's entertainment assets. Heating oil fell 2 cents to $1.84 a gallon.

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