Stocks Power Higher After a Dreadful Week; Dow Jumps 410

NEW YORK (AP) -

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 percent and led a rally in technology companies, while industrial companies, banks and consumer-focused companies like 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. All of that helped stocks build on the market’s gains from late Friday.

The Standard & Poor’s 500, the benchmark for many index funds, gained 36.45 points, or 1.4 percent, to 2,656. The Dow climbed 410.37 points, or 1.7 percent, to 24,601.27. It had risen as much as 574 earlier, led by big gains for Boeing and Apple.

The Nasdaq composite advanced 107.47 points, or 1.6 percent, to 6,981.96. The Russell 2000 index of smaller-company stocks rose 13.15 points, or 0.9 percent, to 1,490.98.

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

Other gainers in the technology industry included Cisco Systems, which rose $1.07, or 2.7 percent, to $40.60. Chipmakers Broadcom and Qualcomm each climbed after CNBC reported that the companies will meet this week to discuss Broadcom’s $121 billion offer to buy Qualcomm.

Retailers, apparel makers and other companies that focus on consumers made some of the largest gains, a sign investors expect shoppers to keep spending and the economy to keep growing.

Benchmark U.S. crude gained 9 cents to $59.29 a barrel in New York. Brent crude, used to price international oils, lost 20 cents to $62.59 a barrel in London.

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

Defense contractor General Dynamics will spend almost $7 billion to buy internet technology company CSRA. The Trump administration has been pushing defense spending aggressively higher. CSRA climbed $9.57, or 31.1 percent, to $40.39 Monday. General Dynamics lost $2.57, or 1.2 percent, to $209.53.

Twenty-First Century Fox picked up 66 cents, or 1.9 percent, to $36.40 after The Wall Street Journal reported that cable and internet provider Comcast is still interested in buying Fox’s entertainment divisions and could make another offer.

Comcast fell 3 cents to $38.54 while Disney added 30 cents to $103.39.

Bond prices were little changed. The yield on the 10-year Treasury note stayed at 2.86 percent.

In other energy trading, 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, or 2.7 percent, to $16.57 an ounce. Copper added 5 cents, or 1.7 percent, to $3.09 a pound.

Germany’s DAX jumped 1.4 percent while the CAC 40 in France and the British FTSE 100 both advanced 1.2 percent.