Markets Right Now: Stocks surge; Dow industrials gain 500

The latest on developments in financial markets (all times local):

2 p.m.

Stocks are surging on Wall Street as the market claws back some of its massive losses last week. The Dow Jones industrials were up more than 500 points.

The gains in afternoon trading Monday came after the market slumped into a ‘correction’ for the first time in two years last week.

Technology companies and banks, some of the biggest winners on the market over the past year, are up the most. European markets also rose.

The Dow was up 488 points, or 2 percent, to 24,678. It was up as much as 548 earlier.

The broader Standard & Poor’s 500, which many index funds track, rose 43 points, or 1.7 percent, to 2,663. The Nasdaq composite gained 118 points, or 1.7 percent, to 6,992.

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11:45 a.m.

U.S. stocks are posting solid gains in midday trading as the market recovers from its worst week in two years.

Technology and industrial companies and retailers were leading the market higher Monday. Apple rose 3.3 percent, Boeing climbed 2.7 percent and Amazon also rose 2.7 percent.

European markets are also higher.

The market is coming off two weeks of steep losses that put stocks into a “correction” — a decline of 10 percent from a peak — for the first time in two years.

The Dow industrials were up 279 points, or 1.2 percent, to 24,471.

The broader Standard & Poor’s 500, which many index funds track, rose 25 points, or 1 percent, to 2,645. The Nasdaq composite gained 87 points, or 1.3 percent, to 6,962.

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9:35 a.m.

Stocks are surging in early trading on Wall Street, sending the Dow Jones industrial average up as much as 300 points.

Technology companies and banks are posting some of the biggest gains Monday. Cisco Systems rose 2.9 percent and Citigroup climbed 2 percent.

The market is coming off a turbulent week that left major indexes with their biggest weekly losses in two years.

The Dow industrials were up 270 points, or 1.1 percent, to 24,461.

The broader Standard & Poor’s 500, which many index funds track, rose 30 points, or 1.1 percent, to 2,648. The Nasdaq composite gained 74 points, or 1.1 percent, to 6,948.

Bond prices didn’t move much. The yield on the 10-year Treasury note held steady at 2.86 percent.

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Source: ABC – Money

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