Stocks power higher after a dreadful week; Dow jumps 410
NEW YORK (AP) — Stocks powered higher today, sending the Dow Jones industrial average up 410 points, as the market clawed back more of its massive losses from the previous two weeks.
Apple jumped 4 percent and led a rally in technology companies, while industrial companies, banks, and consumer-focused companies like retailers also rose.
Netflix and Amazon surged again as stocks that led the market higher in 2017 recovered more of the ground they lost recently. Energy companies got some relief as oil prices turned higher. All of that helped stocks build on the market's gains from late Friday.
Some market watchers say the recent bout of turbulence may not be over.
Jim Paulsen, chief investment strategist for the Leuthold Group, said he thinks stocks and bonds will fall further as investors consider the likelihood that interest rates will keep rising and inflation will increase. Inflation and higher wages can cut into company profits, and higher interest rates slow down economic growth.
"The catalyst behind this bull market up until maybe the last year or so has just been the ability of this economy to grow, even if it's very sluggishly [...] without creating any negative consequences for the financial markets," he said.
Paulsen said the consumer prices report Wednesday or the February employment report due next month could both have major effects on the market.