US stocks recover some of last week's sell-off after oil prices fall sharply
NEW YORK — The U.S. stock market is rising Monday and recovering some of last week's sell-off that was led by the tech and AI industries. The S&P 500 climbed 0.6 percent, coming off its third straight losing week, and pulled within 2.5 percent of its all-time high. The Dow Jones Industrial Average was up 539 points, or 1 percent, as of 11:45 a.m. Eastern time, and the Nasdaq composite was 0.7…
On Monday, the U.S. stock market experienced a rebound as it recouped some of last week's decline, driven by a sharp decline in oil prices. The S&P 500 climbed 0.6 percent, nearing its all-time high by just 2.5 percent, while the Dow Jones Industrial Average rose by 539 points, or 1 percent. The Nasdaq composite also gained 0.7 percent.
The decline in oil prices contributed to the market's recovery, as Brent crude, the global standard, fell by 7.4 percent to $105.03 per barrel. The price of the most actively traded Brent contract has fluctuated between approximately $70 and $120 per barrel since the onset of the war with Iran, often reversing direction quickly.
The tech and artificial intelligence industries have been particularly affected, with stocks in these sectors facing criticism for being overvalued and potentially in a bubble. As concerns grow about the sustainability of the high valuations, investors are showing caution, impacting the broader market.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
