When the stock market goes wild: Stock market rallies, stocks tumble on Monday
The US stock market is booming as the end of a global bull market pushes up stocks worldwide.
But it’s also a wild ride, with major markets across the globe teetering on the brink of a meltdown.
The Dow Jones Industrial Average (DJIA) rose by 7,000 points to 19,081.06 on Monday, the most since January, with the S&P 500 (SPX) up 1,800 points to 2,731.15 and the Nasdaq Composite up 6,000 to 4,746.24.
On Wall Street, the Dow was up 2,100 points, while the S.P. 500 was up 4,500 points.
However, the markets were in a tailspin.
“The market has been pretty much dead for the last couple of weeks,” said Mark Grosman, chief investment officer at the investment banking firm Gros Manides.
“We’re still at a bit of a low.”
In the US, the index of stocks fell by nearly 10% as a result of the stock-market rout, falling by nearly 8% in a day to 22,094.04, according to data compiled by Bloomberg.
Elsewhere, the Sberbank (SBSB) in Russia fell by about 9% to 6,923.91, while BNP Paribas SA (BNPY) dropped by nearly 3% to 5,742.90.
Meanwhile, the BNP paribas-Mitsubishi UFJ Morgan Stanley (MSFT) index of shares fell 3.5% to 3,719.84.
Analysts say the market will have another difficult week ahead as the market moves from an all-time high of 21,000 on Friday to a low of 21.7, according the Reuters data.
This is a story from Reuters, which is independently owned.