Dow erases 500-point drop and closes higher in another wild session on Wall Street


On Monday, the value of stocks rose sharply thereby erasing the losses that were experienced by the stocks in the earlier day. This rise was because of the shares of the companies of technology experienced strong rebounds across the board.

The Dow Jones Industrial Average had a closing at 34.31 points above 24,423.26. This erased the drop of 507 points.

The S&P index also witnessed an increase of 0.2 percent closing at 2,637.72. the Nasdaq Composite which is tech heavy in terms of stocks experienced an escalation of 0.7 percent reaching to 7,020.52.

The shares of Facebook witnessed an increase of 3.2 percent. The e-commerce giant, Amazon along with Netflix and Alphabet experienced a rise of more than 0.6 percent.

Source: NBC New York

Meanwhile, Apple Inc was able to erase more 2 percent of the pull back so as to close at 0.65 percent higher.

Initially, the shares of Apple Inc witnessed a fall in the wake of the granting of an injunction by the court of China to Qualcomm against the iPhone maker.

However the impact of the injunction on the sales of Apple in China is yet unclear according to CNBC.

According to qualcomm, th order has banned the import as well as sale of Apple in China. On the other hand, Apple Inc stated that the order bans the company from selling the phones which are running on an older operating system.

Source: Marketwatch

The S&P 500 had dipped to below its low in the October in the day when the index was experiencing a low.

However, according to CNBC these technical breakdowns typically leads to an increased selling because many computer programs are then set to dump the stocks at the particular level.

There were a number reasons pointed out by the traders for the initial selling.

Source: CNBC, USA Today

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