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Dow seeking to erase early 2016 nightmare

@ adamshell USA TODAY

The Dow hasn’t done it yet, but it’s close to erasing all the red ink that drenched it at the then- worst start to a year ever.

The Dow Jones industrial average — which was down and out on Feb. 11, when in intraday trading it was offmore than 15% from itsMay 2015 record high before closing down 14.5% — has now erased all of its losses for the year except for the red ink suffered on the first trading day of the year Jan. 4, when it fell 276 points.

After a 67- point gain Monday — the blue- chip stock gauge’s fifth consecutive session of gains — to close at 17,073.95, the Dow is within 351.08 points, or 2%, of its 2015 close of 17,425.03. The Dow’s turnaround has been driven by a number of factors but has a lot to do with a dissipation of fears that had investors aggressively dumping shares early in the year.

A sharp rebound in oil prices also has helped stabilize stocks, as beaten- down energy names have gone from dogs to high- fliers virtually overnight as word of a possible deal to cut production by leading producers started to seem more possible.