Shares of Caterpillar and Boeing both rose more than 1.5 percent. These stocks are considered global trade bellwethers because of their exposure to markets abroad.
Bank stocks also rose. The SPDR S&P Bank ETF (KBE) gained 2 percent while shares of J.P. Morgan Chase, Morgan Stanley and Citigroup all traded higher.
It was a volatile Monday for investors in U.S. stocks as the major indexes swung from sharp losses in morning trading to modest gains in the afternoon, with energy and financial companies are falling and technology companies rising.
The Dow lost as much as 507 points in early trading before recouping its losses and turning slightly higher in the afternoon to add 30 points for the day to 24,421. The S&P 500 index rose 0.4 percent and the tech-heavy Nasdaq composite gained 0.8 percent.
Stocks in Europe and Asia fell Monday. The British pound dropped to its lowest level in more 18 months after the U.K. prime minister postponed a vote on its departure from the European Union. Oil resumed its sharp slide.
U.S. stocks plunged on Tuesday with selling accelerating into the closing bell as investors reacted to falling bond yields, rising fears of a recession and ongoing skepticism about the U.S.-China trade truce.
No doubt the most pressing topic of conversation among oil ministers at OPEC’s meeting on December 6 in Vienna, Austria, will be the sudden drop in oil prices during October and November. After sliding nearly 8% lower last week, oil prices continued their downward cascade on Tuesday.
- “Markets get it wrong occasionally as they did a few weeks ago on one side and they’re doing it again on the other today, but ultimately the pendulum will swing to a reasonable middle,” Saudi Arabia’s Energy Minister Khalid al-Falih told CNBC on Sunday.
- The comments come after a significant drop in oil prices in recent weeks, as crude futures benchmarks have tumbled approximately 20 percent or more since climbing to a peak in early October.
- U.S. sanctions on Iran’s oil sector snapped back into place on November 5.
Stocks in Asia were broadly lower on the final trading day of the week after the U.S. Federal Reserve left interest rates unchanged at its latest policy meeting.
The big mover to the downside was in Hong Kong, where the Hang Seng index fell 2.39 percent to close at 25,601.92.
The mainland China markets, which investors are watching closely as trade tensions between Washington and Beijing continue to weigh on sentiment, ended the trading week lower. The Shanghai composite shed 1.39 percent to close at around 2,598.87 and the Shenzhen composite declined by 0.434 percent to about 1,328.19.
The S&P 500 rallied more than 1.5 percent to close at 2,682.63 as communications, energy and materials stocks carried the index out of correction territory. Shares of Charter Communications, DISH Network and Twitter all rose more than 4 percent each.
The tech-heavy Nasdaq Composite rose more than 1.5 percent to close at 7,161.65. That index climbed thanks to a 5.2-percent rally in Intel and a 4.7-percent gain in CNBC-parent Comcast; e-commerce giant Amazon shed 0.5 percent during the session.
Wall Street fell on Wednesday in another day of losses, erasing the gains posted this year for two of the three main indexes.
The Dow Jones Industrial Average sank 2.4% to 24,583.4 points, while the S&P 500 plunged 3.1% to 2,656.1 points.
The losses pushed the two indexes into negative territory for the year.
The Nasdaq also dropped more than 4.4% to 7,108.4 points amid concerns about weak corporate profits and global trade tensions.
It was the worst day since 2011 for the technology-focused index, which is now 10% lower than its September peak and in “correction” territory.