THIS IS A BREAKING NEWS UPDATE: AP’s earlier story appears below.
The S&P 500 was 1.8% higher in afternoon trading, following up on its first four-week losing streak in more than a year.
The market’s gains were widespread, with more than 90% of the stocks in the S&P 500 higher. Big Tech stocks, which have been getting the most criticism for getting too expensive following their strong pandemic run, were doing the heaviest lifting.
Optimism that
“There’s real concern about a second wave of infections, concern that we’re just riding the coattails of growth that happened after the economy opened up in May,” Richardson said. "Anything that looks like new lifeblood for the economy is read as a positive stimulus.”
The Dow Jones Industrial Average was up 473 points, or 1.7%, at 27,637, as of
One of the big worries hurting stocks this month has been fears that the market climbed too high and got too expensive through its 60% rally from late March into early September. But several companies announced big mergers and acquisitions, which show that at least some CEOs see value at current prices.
Energy stocks made broad gains after
Another strong gainer was
Big Tech stocks powered much of the S&P 500's gains.
Monday's rebound for stocks trims September’s loss for the S&P 500 to 4.1%. Several factors have been behind the abrupt drop, which halted a remarkable return to record heights for
Many of those factors are still in place, which means analysts along
“We’re not out of the woods yet," Richardson said. "Investors should expect volatility, especially as we get closer to the election.”
Investors are still waiting for
The latest monthly employment report from the government on Friday could help shed some more light on the economic recovery, but it could also mean more volatility for the markets, said
"This week’s going to be all about the jobs numbers, that’s the elephant in the room,” he said.
Countering those uncertainties, though, is the tremendous support that the
European stock markets rallied broadly. The Germany DAX returned 3.2% and the French CAC 40 rose 2.4%. The
In
The yield on the 10-year
AP Business Writer
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