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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