Dow Posts Biggest Gain Since Nov. 2020 As Wall Street Rebounds

The Dow on Friday (Saturday, Feb. 26, 2022, in Manila) registered its biggest daily percentage gain since November 2020 with the market rebounding for a second day from the sharp selloff leading up to Russia's invasion of Ukraine, Caroline Valetkevich reported for Reuters.

Photo Insert: The Dow Jones Industrial Average rose 834.92 points, or 2.51%, to 34,058.75.

Oil prices fell below $100 a barrel, easing some concerns about higher energy costs, and all 11 of the major S&P 500 sectors ended up on the day. The S&P 500 and Nasdaq also posted gains for the week.

Some strategists say stock-selling may have been overdone. The S&P 500 confirmed earlier this week it was in a correction when it ended down more than 10% from its Jan. 3 record closing high.

"It sure feels a lot more like we've really exhausted sentiment in this correction," said Jim Paulsen, chief investment strategist at The Leuthold Group in Minneapolis, noting that economic fundamentals and corporate health remain favorable.

The Dow Jones Industrial Average rose 834.92 points, or 2.51%, to 34,058.75, the S&P 500 gained 95.95 points, or 2.24%, to 4,384.65 and the Nasdaq Composite added 221.04 points, or 1.64%, to 13,694.62.

For the week, the Dow was down 0.1%, the S&P 500 was up 0.8% and the Nasdaq was up 1.1%. The West on Thursday unveiled new sanctions against Russia while NATO Secretary-General Jens Stoltenberg said the alliance was deploying its combat-ready response force and would continue to send weapons to Ukraine.

"In general, the sanctions are going to have some bite," but investors seem to be relieved that Washington dismissed the idea of going to war with Russia, said Kristina Hooper, chief global market strategist at Invesco.

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