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Stocks Storm Back From 4% Rout to Close Higher: Markets Wrap

  • Retail, energy and industrial companies lead gains in equities
  • Dollar pares advance, while 10-year Treasuries little changed
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Market Turn Shows Valuation Sensibility: RBC's CalvasinaSource: Bloomberg
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A stock selloff that at one point rivaled any of the last two years was wiped out as dip buyers emerged by Monday’s close, the latest breathtaking reversal in markets rattled by geopolitical tensions and the Federal Reserve’s campaign against inflation.

In a session marked by explosive trading volume and wild market swings, the S&P 500 rebounded after tumbling as much as 4% earlier in the day. Retail, energy and industrial companies led gains in the benchmark gauge. At its worst, the index was more than 10% below its Jan. 3 record, headed for a correction. It escaped that with the late-day surge, closing down about 8% from its peak. The dollar pared its advance, while 10-year Treasuries were little changed.