At times of market turbulence, investors tend to flee to assets expected to either retain or increase in value — such as gold, the Japanese yen and government bonds.
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Dow Jones Industrial Average jumps 1,293 points
The Dow gained 1,293.96 points, or 5.09%, to close at 26,703.32. The S&P 500 climbed 4.58% to 3,089.39. The Nasdaq Composite advanced 4.49% to 8,952.16. Monday’s rally recovered some of the sharp losses seen last week.
Will the rebound hold?
While the major averages staged a strong upside move on Monday, some market experts think downside volatility may return as news around the coronavirus show little signs of improving. More than 89,000 have been confirmed worldwide while deaths total more than 3,000. In the Seattle area, officials confirmed three new deaths, bringing the U.S. total to more than five. Overall, U.S. cases now total more than 90. Experts skeptical of Monday’s bounce also pointed out the economic data out of China was dismal. Bottom line: Don’t be surprised if Monday’s rally is short-lived.
Apple jumps on upgrade, Amazon climbs
Apple shares jumped 9.31% after an analyst at Oppenheimer upgraded the tech giant, calling the iPhone maker a “recurring revenue machine.” Amazon also contributed to the gains, advancing 3.73%.
What happens next?