Stocks surged to their second-biggest gain of the year, more than wiping out a big loss from Friday and leaving the Dow Jones industrial average down just slightly for the month.
The market was rebounding from a steep sell-off last week, when a mixed jobs report left investors uncertain about the outlook for interest rates.
Big moves have become commonplace in financial markets in recent weeks as investors have worried about the health of the Chinese economy and the outlook for U.S. interest rates. Many slumps have been followed by strong rebounds.
Some strategists believe a sell-off in stocks that began in the middle of August is over, while others say that there may still be more selling.
“There is some value out there, but I’m not fully convinced that the selling pressure is out of the picture,” said Robert Pavlik, chief market strategist at Boston Private Wealth.
The Standard & Poor’s 500 index gained 48.19 points, or 2.5 percent, to 1,969.41. The Dow rose 390.30 points, or 2.4 percent, to 16,492.68. The Nasdaq composite climbed 128.01 points, or 2.7 percent, to 4,811.93 points.
Trading was closed in the U.S. on Monday in observance of the Labor Day holiday.
Lowe’s Companies, Inc. (NYSE:LOW) reported the gain of 2.23% and closed at $69.31 with the total traded volume of 4.10 million shares. Its market capitalization is $62.73 billion. The stock has a 52-week high price of $76.25 and its 52-week low was recorded at $49.85. Lowe’s Companies, Inc. (NYSE:LOW) declares that Robert F. Hull, Jr, chief financial officer, and Michael P. McDermott, chief merchandising officer, will present at the Goldman Sachs 22nd Annual Global Retailing Conference in New York, NY. LOW is a FORTUNE® 50 home improvement company serving approximately 16 million customers a week in the United States, Canada and Mexico through its stores and online at Lowes.com, Lowes.ca and Lowes.com.mx. With fiscal year 2014 sales of $56.2 billion, Lowe’s has more than 1,845 home improvement and hardware stores and 265,000 employees.
Rio Tinto plc (ADR) (NYSE:RIO) added 4.94% and ended at $35.92. The total traded volume was 3.34 million shares and market capitalization arrived at $99.53 billion. The stock has a 52-week high price of $56.82 and its 52-week low was recorded at $33.25, while during last trade its minimum price was $35.18 and it gained the highest price of $36.01. Rio Tinto plc (ADR) (NYSE:RIO) a mining and metals company, finds, mines, and processes mineral resources. The company mines and produces aluminum products, including bauxite, alumina, and aluminum; copper, gold, silver, and molybdenum, as well as nickel; diamonds, titanium dioxide feedstocks, borates, and salt, as well as high purity iron, metal powders, zircon, and rutile; thermal coal, coking or metallurgical coal, and uranium; and iron ore.
Abbott Laboratories (NYSE:ABT) reported the increase of 2.23% to close at $44.03 with the overall traded volume of 5.45 million shares. Its market capitalization on last close reached to $64.19 billion. The company has the total of 1.49 billion outstanding shares. Abbott Laboratories (NYSE:ABT) proclaimed that it has completed its acquisition of Tendyne Holdings, Inc., a private medical device company focused on developing minimally invasive mitral valve replacement therapies. Abbott acquired the equity of Tendyne that it did not already own for $225 million upfront, resulting in a total transaction value of $250 million, plus potential future payments tied to regulatory milestones.