Tech Stocks Lead Surge on Wall Street

Dow jumps 551 points
By Newser Editors and Wire Services
Posted Oct 17, 2022 3:58 PM CDT
Stocks Surge, Making Up for Friday's Losses
An NYSE sign is seen on the floor at the New York Stock Exchange.   (AP Photo/Seth Wenig, File)

Stocks closed sharply higher Monday on Wall Street, marking the latest about-face for a market that has been unsteadily lurching between gains and losses in recent weeks. The S&P 500 rose 94.88 points, or 2.6%, to 3,677.95, more than recovering the ground it lost in a sell-off on Friday. Nearly every stock in the benchmark index rose. The Dow Jones Industrial Average rose 550.99 points, or 1.9%, to 30,185.82. The Nasdaq rose 354.41 points, or 3.4%, to 10,675.80. The Russell 2000 index of smaller companies rose 53.35 points, or 3.2%, to 1,735.75. Technology and communications companies accounted for some of the biggest gains. Apple climbed 2.9%, and Alphabet, Google's parent company, rose 3.5%.

The broader market is coming off an extremely volatile week that closed with most major indexes in the red. Investors remain worried about hot inflation and the potential for a recession to hit the US and global economy. The big concern is the Fed's aggressive policy to raise interest rates to cool inflation, which could go too far and slow the economy so much that it slips into a recession. UK government bonds rallied following news that the country’s new Treasury chief was abandoning nearly all of a series of unfunded tax cuts that had upset markets, the AP reports. Markets in Europe were broadly higher, and most markets in Asia gained ground.

Wall Street turns its focus this week to the latest round of corporate financial results, which could help give investors a clearer picture of how companies and consumers have been dealing with inflation. Bank of America jumped 6.1% after reporting earnings that beat forecasts. Several companies gained ground Monday on a mix of specific corporate news. Oil producer Continental Resources jumped 8.7% after saying it will be taken private as part of a deal with founder Harold G. Hamm. Investment bank Credit Suisse rose 3.8% after agreeing to pay $495 million as part of a settlement in a dispute with the US over mortgage-backed securities.

(More stock market stories.)

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