Dow jumps 300 points as Wall Street tries to recover from sharp October losses [CNBC]
Meta Platforms, Inc. - Class A (FB)
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Source: CNBC
Stocks traded sharply higher on Monday as investors try to regain their footing amid steep losses this month. Sentiment was also lifted by a big acquisition in the tech space. The Dow Jones Industrial Average jumped 319 points as Merck outperformed. The S&P 500 gained 1.2 percent, led by strong gains in tech, financials and materials. The Nasdaq Composite advanced 1.6 percent, boosted by gains in Facebook, Amazon, Netflix and Google-parent Alphabet. Monday's moves come after a 3 percent drop on the Dow last week, which was capped off by a decline of nearly 300 points on Friday. The S&P 500 and Nasdaq dropped 3.9 percent and 3.8 percent, respectively. Worries over a possible slowdown in corporate earnings growth, as well as in the global economy, have sent the major indexes down sharply this month. The Dow and S&P 500 are down 6.7 percent and 8.8 percent, respectively, for October. The Nasdaq, meanwhile, has lost 10.9 percent through Friday's close.
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