Stocks on Wall Street have staged a powerful comeback after plunging at the open Friday as investors reacted to a weaker-than-expected September jobs report.
The news, which raised fresh fears about a slowdown in the U.S. economy amid a global slump and fresh questions about U.S. interest rate policy, initially sent the Dow down 258 points, or 1.5%.
But at the close, the Dow was up 1.2%, a 200-point gain for the day the day and a 458-point reversal from the low that CNBC said was the biggest such swing in four years.
The Standard & Poor’s 500 index did even better for the day, closing up 1.4%, but Nasdaq composite index was the standout with its 1.7% gain. Both of the other benchmarks started the day deep in the red, as well.