Market Snapshot: Dow Jones surges more than 500 points as stocks snap 3-day losing streak

by | Oct 30, 2023 | Stock Market

U.S. stocks posted sharp gains Monday, with indexes bouncing back after the S&P 500 and Nasdaq Composite fell into corrections last week. Investors were looking ahead to a Federal Reserve decision, jobs data, earnings reports and other potential market-moving events this week.

What happened
The Dow Jones Industrial Average
rose 511.37 points, or 1.6%, to close at 32,928.96.

The S&P 500
gained 49.45 points, or 1.2%, to end at 4,166.82.

The Nasdaq Composite
ended at 12,789.48, up 146.47 points, or 1.2%.

The Dow and S&P 500 snapped three-day losing streaks, while the Nasdaq scored back-to-back gains.What drove markets Stock buyers returned after the S&P 500 on Friday joined the Nasdaq Composite in correction territory, having shed more than 10% from its recent high at the end of July to close at its lowest since May. See: S&P 500 index enters a correction. Here’s what it means for future performance. Relief that the Israel-Hamas war had not drawn in other combatants in the region over the weekend was helping sentiment, according to analysts. Oil futures fell sharply Monday, with the U.S. benchmark falling 3% to erase gains seen since the Oct. 7 Hamas attack on southern Israel. “Despite the terrible events in Israel and Gaza, oil prices have generally been well behaved and, with global growth looking sluggish, should stay that way, barring a broadening of the Middle East conflict,” David Kelly, chief global strategist at J.P. Morgan Asset Management, said in a note. “Meanwhile, gasoline prices have drifted lower as refiner margins have eased, suggesting that energy inflation should be negative for October,” he wrote. Stock-market investors weighed a report that the Bank of Japan may move Tuesday to loosen its cap on 10-year Japanese government bond y …

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