Dow jumps 220 points, rebounds from worst week since October

Dow jumps 220 points, rebounds from worst week since October

Dow jumps 220 points, rebounds from worst week since October

(CNBC) — Stocks jumped on Monday, the first session of February, as Wall Street appeared to shake off concerns about a speculative retail trading mania that largely drove the market’s worst weekly sell-off since October.

The Dow Jones Industrial Average rose 229.29 points, or 0.8%, to 30,211.91, led by Microsoft and Visa. The S&P 500 climbed 1.6% to 3,773.86, posting its best day since Nov. 24 as all 11 sectors gained. The Nasdaq Composite jumped 2.6% to 13,403.39.

GameStop, the brick-and-mortar video game retailer that has been the center of attention on Wall Street, fell 30.8% and lost nearly a third of its value. Last week, the popular stock among retailer investors on Reddit forum WallStreetBets soared 400% amid extreme trading volume and volatility. AMC Entertainment — another short squeeze target that jumped 277% last week — closed flat on Monday.

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Dow jumps 220 points, rebounds from worst week since October