Stocks regain some ground; Dow jumps 410 points

U.S. stocks powered higher Monday, sending the Dow Jones industrial average up 410 points, as the market clawed back more of its massive losses from the previous two weeks.

Apple jumped 4% and led a rally in technology companies. Industrial companies, banks, and consumer-focused firms such as retailers also rose.

Netflix and Amazon surged again as stocks that led the market higher in 2017 recovered more of the ground they lost recently. Energy companies got some relief as oil prices turned higher.

The recent bout of turbulence may not be over. Jim Paulsen, chief investment strategist for the Leuthold Group, said he thinks stocks and bonds will fall further as investors consider the likelihood that interest rates will keep rising and inflation will increase. Inflation and higher wages can cut into company profits, and higher interest rates slow down economic growth.

It took just nine days for stocks to plunge 10% from their Jan. 26 peak. A drop of that size from a recent high is known on Wall Street as a market correction. According to LPL Financial, it was the swiftest move from a record high to a correction in the history of the S&P 500.

After the two-day recovery, the S&P 500 is down 7.5% from its record high. Investors expect far more volatility in the stock market than they did two weeks ago.

Monday’s gainers in the technology industry included Cisco Systems, which rose 2.7% to $40.60. Broadcom and Qualcomm each climbed after CNBC reported that the rival chip makers will meet this week to discuss Broadcom’s $121-billion offer to buy Qualcomm.

U.S. crude rose 9 cents to $59.29 a barrel in New York. Brent crude fell 20 cents to $62.59 a barrel in London.

Oil prices have dropped since reaching longtime highs in late January, when U.S. crude peaked at $66 a barrel. The S&P 500 energy index is down 12.7% over the last month.

The yield on the 10-year Treasury note stayed at 2.86%.

Wholesale gasoline fell 2 cents to $1.68 a gallon. Heating oil fell 2 cents to $1.84 a gallon. Natural gas slid 3 cents to $2.55 per 1,000 cubic feet.

The dollar rose to 108.67 yen from 108.53 yen. The euro rose to $1.2284 from $1.2231.

Gold rose $10.70 to $1,326.40 an ounce. Silver jumped 43 cents to $16.57 an ounce. Copper rose 5 cents to $3.09 a pound.

In overseas markets, Germany’s DAX jumped 1.5%. The CAC 40 in France and the British FTSE 100 both advanced 1.2%. Hong Kong’s Hang Seng lost 0.2%. Seoul’s Kospi rose 0.9%. Markets in Japan were closed for a holiday.