Stocks climb back after steep slide on Fed, Ukraine jitters
Source: AP
By DAMIAN J. TROISE and ALEX VEIGA
NEW YORK (AP) — Stocks finished a volatile day slightly higher on Monday after reversing a steep slide precipitated by uncertainty over inflation-fighting measures from the Federal Reserve and the possibility of conflict between Russia and Ukraine.
A late-day buying spree pushed the S&P 500 to a 0.3% gain after pulling out of so-called correction territory — a drop of 10% or more from its recent high.
“We’re in this wait-and-see mode, which is almost the most uncomfortable place to be, so I think the market is really grappling with that,” said Lindsey Bell, chief markets and money strategist at Ally Invest.
The S&P 500 had been down as much as 4% Monday. The index has recovered from an intraday loss that big only three times in the past. The tech-heavy Nasdaq index rose 0.6% after recovering from a nearly 5% descent.
In this photo provided by the New York Stock Exchange, trader Edward Curran works on the floor, Monday, Jan. 24, 2022. The Dow Jones Industrial Average dropped more than 1,000 points Monday as financial markets buckled in anticipation of inflation-fighting measures from the Federal Reserve and fretted over the possibility of conflict between Russia and Ukraine. (Courtney Crow/New York Stock Exchange via AP)
Read more: https://apnews.com/article/stock-market-drop-d1511bdafe7279b263a352a8ab249bc0
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