BUSINESS US stocks rise after worst week since October

BUSINESS

US stocks rise after worst week since October

Xinhua

10:10, February 02, 2021

Photo taken on Nov. 4, 2020 shows the New York Stock Exchange in New York, the United States. (Photo: Xinhua)

U.S. stocks finished higher on Monday, recouping some of the massive losses they suffered in the previous week.

The Dow Jones Industrial Average climbed 229.29 points, or 0.76 percent, to 30,211.91. The S&P 500 rose 59.62 points, or 1.61 percent, to 3,773.86. The Nasdaq Composite Index jumped 332.70 points, or 2.55 percent, to 13,403.39.

All the 11 primary S&P 500 sectors ended in green, with consumer discretionary and technology up 2.77 percent and 2.51 percent, respectively, leading the gains.

Shares of U.S. brick-and-mortar video game retailer GameStop plunged more than 30 percent. The stock soared 400 percent last week amid a retail trading frenzy.

U.S.-listed Chinese companies traded mostly higher with seven of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

The market reactions above came after a major setback on Wall Street that saw the three major averages suffer their worst weekly performance since October, amid concerns over speculative trading and a continued spike in COVID-19 infections.

For the week ending Friday, both the Dow and the S&P 500 lost 3.3 percent, while the Nasdaq Composite declined 3.5 percent.

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