Stocks recover much of their early losses on Wall Street
A rebound in technology stocks helped turn things around in the last hour of trading Monday. The S&P 500 closed up 0.6% and the tech-heavy Nasdaq added 1.3%. The Dow Jones industrials rose 0.7%. The S&P 500 is coming off a three-week losing streak amid worries about high inflation and the rapid increase in interest rates the Federal Reserve is likely to prescribe for it. Bond prices rose. The yield on the 10-year Treasury note fell to 2.83%.
Earlier in the morning, U.S. stocks had been on track to follow global markets lower, especially in China, over worries that Energy companies were among the biggest losers as U.S. crude oil prices slipped 2.9%. Exxon Mobil fell 3.4%.Communications stocks were leading the way.
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