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

  • Phil McIntyre Steps Down as Roc

    Phil McIntyre Steps Down From Roc Nation Management, but Remains Affiliated With Company

    Phil McIntyre has stepped down as president of Roc Nation Management, but his PhilyMack management company remains affiliated with Roc, a source close to the situation tells Variety. PhilyMack, which McIntyre founded in 2006, partnered with Roc Nation in 2015. The source stressed that McIntyre’s role at Roc Nation Management  — whose clients include Rihanna, [...]

  • Harvey Weinstein Trial

    Ben Brafman Drops Out of Harvey Weinstein Rape Case

    Harvey Weinstein has officially parted ways with defense attorney Ben Brafman, releasing a joint statement Thursday announcing the move. Weinstein had clashed with his defense attorney over strategy in his rape and sexual assault case. The pair issued a statement saying their parting was amicable, and that Brafman would cooperate fully with Weinstein’s new attorneys. [...]

  • Netflix - Apple TV

    Netflix Turns in Record Q4 Subscriber Gains, Price Increase Weighs on U.S. Forecast

    Netflix is beating Wall Street expectations for international subscriber growth — but its recently announced price increase in the U.S. may have put a damper on its momentum in the States. For the fourth quarter of 2018, Netflix reported 1.53 million paid net adds in the U.S. and 7.31 million internationally, to end the year [...]

  • Heather Parry Live Nation

    Live Nation Investigation of Heather Parry Also Targets Leakers (EXCLUSIVE)

    Over the past two weeks, the law firm of Paul Hastings LLP has been probing allegations reported by Variety last month that Heather Parry, the head of Live Nation Productions, had verbally abused employees and used offensive language in the workplace. But the lead investigator, Elena Baca, seems to be just as interested in uncovering [...]

  • Leslie Moonves

    Leslie Moonves to Pursue Arbitration for His $120 Million Severance From CBS

    Former CBS Corp. chairman-CEO Leslie Moonves will pursue an arbitration claim to fight CBS for the $120 million severance that he was denied last month when the company’s board of directors determined he was fired for cause. Moonves was ousted in September after multiple women came forward with allegations of sexual misconduct against the longtime [...]

  • A view of the SK Telecom

    Korean OTT Players, SK Telecom Join Forces to Compete Against Netflix

    South Korea’s three major broadcasters KBS, MBC and SBS have joined forces with the country’s leading telecom firm, SK Telecom, to launch a new video streaming platform. The move is regarded as a defensive reaction against the growing influence of foreign competitors, lead by Netflix. The broadcasters already jointly own Pooq, with MBC and SBS [...]

  • David Lubliner Moves to UTA From

    Veteran WME Agent David Lubliner to Join UTA

    William Morris Endeavor agent David Lubliner is departing the company for a post at United Talent Agency, individuals familiar with the move told Variety. The parting of ways was amicable, the insiders added. Lubliner was a veteran in WME’s motion picture literary department. Rumors of his exit had been floating since Hollywood reopened for the new [...]

More From Our Brands

Access exclusive content