U.S. stocks closed higher in volatile trading on Monday, erasing their earlier sharp losses, as major tech shares posted strong gains, underpinning the market.
The Dow Jones Industrial Average rose 34.31 points, or 0.14 percent, to 24,423.26. The S&P 500 was up 4.64 points, or 0.18 percent, to 2,637.72. The Nasdaq Composite Index gained 51.27 points, or 0.74 percent, to 7,020.52.
All three major indices reversed their earlier losses at the close, with the Dow paring some 500-point drop in morning session.
Eight of the 11 primary S&P 500 sectors closed higher, with technology and communication services up 1.43 percent and 0.75 percent, respectively, leading the advancers. Both energy and financials slid more than 1 percent, the two biggest laggards among the sectors.
Major U.S. tech stocks outperformed in late trading. Facebook shares rose 3.2 percent, while Netflix climbed 1.7 percent. Amazon and Alphabet also rose. Apple erased a more than 2 percent pullback to close 0.66 percent higher.
The wild session came after the equities suffered a steep sell-off in the previous week when all the three major indices reported more than 4 percent drop.
"As we get near the end of the calendar year, traders do not seem to want to buy stocks yet. But they can begin to buy at any point of the day. Everything seems to be very news sensitive at the moment," John Monaco, a trader at Wellington Shields & Co. LLC, told Xinhua.
On the economic front, U.S. job openings, a measure of labor demand, increased by 119,000 in October, the Labor Department reported on Monday. The reading lifted the job openings rate to 4.5 percent from 4.4 percent in September.
The Dow Jones Industrial Average rose 34.31 points, or 0.14 percent, to 24,423.26. The S&P 500 was up 4.64 points, or 0.18 percent, to 2,637.72. The Nasdaq Composite Index gained 51.27 points, or 0.74 percent, to 7,020.52.
All three major indices reversed their earlier losses at the close, with the Dow paring some 500-point drop in morning session.
Eight of the 11 primary S&P 500 sectors closed higher, with technology and communication services up 1.43 percent and 0.75 percent, respectively, leading the advancers. Both energy and financials slid more than 1 percent, the two biggest laggards among the sectors.
Major U.S. tech stocks outperformed in late trading. Facebook shares rose 3.2 percent, while Netflix climbed 1.7 percent. Amazon and Alphabet also rose. Apple erased a more than 2 percent pullback to close 0.66 percent higher.
The wild session came after the equities suffered a steep sell-off in the previous week when all the three major indices reported more than 4 percent drop.
"As we get near the end of the calendar year, traders do not seem to want to buy stocks yet. But they can begin to buy at any point of the day. Everything seems to be very news sensitive at the moment," John Monaco, a trader at Wellington Shields & Co. LLC, told Xinhua.
On the economic front, U.S. job openings, a measure of labor demand, increased by 119,000 in October, the Labor Department reported on Monday. The reading lifted the job openings rate to 4.5 percent from 4.4 percent in September.
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