×
You will be redirected back to your article in seconds

Wall Street: U.S. Markets Rally After Monday’s Plunge and Global Selloff

UPDATED: The Dow Jones Industrial Average and other major U.S. stock indices on Tuesday bucked the global downturn of the past 24 hours and recovered some of Monday’s historic losses. But it was still a volatile day for the markets at a time when concerns about inflation, rising interest rates and a growing federal debt load as a result of tax reform legislation are clearly growing for investors.

The Dow was down more than 500 points just after the 9:30 a.m. ET opening bell but quickly recovered and moved into positive territory. It closed the day with a 567-point gain, up 2.3%, reclaiming about half of what was lost on Monday with its 4.6% plunge.

The NASDAQ and S&P 500 also ended the day with gains — 2.1% and 1.7%, respectively — that helped offset Monday’s drop.

The performance of U.S. markets today was seen as a gauge of how significant of a correction is in store for share prices. The hard-charging bull market that picked up steam last year sent the 30 stocks in the Dow index to close at a record high on Jan. 26 of 26,616.71 points. Tuesday’s close brought it to 24,912.77.

On Tuesday, the Dow seesawed in the first three hours of trading but did not slip below a 2% decline after the initial opening drop. The NASDAQ and S&P 500 also stayed in positive territory by slim margins.

Media stocks were also generally on the upswing compared to Monday. Discovery Communications enjoyed a 4.6% bounce to close at $23.84. AMC Networks was up 4.4% ($51). Netflix regained its losses from Monday, closing with a 4.5% gain to $265.72.

Apple ($163.03), Amazon ($1442.84), and Facebook ($185.31) registered 2%-4% gains after shedding value on Monday. 21st Century Fox ($36.42) also logged a 2.4% improvement.

Disney, which reported fourth-quarter earnings after the market closed, inched up 1.2% ($106.17). Viacom ($31.25) and Comcast ($39.67) registered small gains while CBS Corp. ($53.81) ended the day off less than 1%.

More Biz

  • Discovery CEO David Zaslav Sees 2018

    Discovery CEO David Zaslav Sees 2018 Compensation Soar to $129.4 Million

    Discovery Inc. president-CEO David Zaslav is once again making headlines for an enormous compensation package. Zaslav’s 2018 compensation soared to $129.44 million in 2018, fueled by stock options and grants awarded as the longtime Discovery chief signed a new employment contract last July that takes him through 2023 at the cable programming group. Zaslav received [...]

  • Jonathan Lamy RIAA

    Jonathan Lamy Stepping Down From RIAA

    Jonathan Lamy, the Recording Industry Association of America’s longtime executive VP of communications and marketing, is stepping down from his post after 17 years, he announced today. As he put it in an email to Variety, “I started back in 2002, which means it’s been 17+ years, four different RIAA CEOs, three format changes and [...]

  • Fox Layoffs

    Disney-21st Fox Layoffs: TV Divisions Brace for Deep Cuts

    A second day of layoffs has begun on the Fox lot in the wake of Disney completing its acquisition of 21st Century Fox on Wednesday. Longtime 20th Century Fox Television Distribution president Mark Kaner is among the senior executives who were formally notified with severance details on Friday morning. 21st Century Fox’s international TV sales [...]

  • anthony pellicano

    Hollywood Fixer Anthony Pellicano Released From Federal Prison

    Anthony Pellicano, the Hollywood private eye whose wiretapping case riveted the industry a decade ago, was released from a federal prison on Friday, a prison spokeswoman confirmed. Pellicano was sentenced in 2008 to 15 years, following his conviction on 78 charges of wiretapping, racketeering, conspiracy and wire fraud. He had been in custody since 2003, [...]

  • This image taken from the Twitter

    HBO’s Reaction to Trump’s ‘Game of Thrones’ Campaign

    Everyone wants a piece of the “Game of Thrones” lemon cake. From Bud Light to Red Bull the world of Westeros is open to a lot of brand partnerships, unless you’re using that iconic typeface to push a political agenda. In November of 2018 President Donald Trump unveiled a “Thrones” inspired poster with the words [...]

  • Leaving Neverland HBO

    'Leaving Neverland' Lawsuit Proves to Be a Judicial Hot Potato

    The Michael Jackson estate sued HBO last month for airing the documentary “Leaving Neverland,” which accuses the late King of Pop of serial child sexual abuse. Since then, the case has had a difficult time finding a judge to handle it. Three federal judges have recused themselves in the last week, citing potential financial conflicts [...]

  • Members of the public mourn at

    Guy Oseary’s New Zealand Fundraiser Nears $150,000, Continues Raising Money

    In the wake of the horrific shootings at New Zealand mosques last week that killed some 49 people, Maverick chief Guy Oseary launched a GoFundMe campaign to “support those affected by this tragedy at this very difficult time,” and began it with an $18,000 donation. Boosted by donations from many celebrities — including Amy Schumer, [...]

More From Our Brands

Access exclusive content