Dow Jones rebounds from massive loss to close with gains

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The Dow Jones industrial average rebounded from massive losses to close with gains on Monday.

The blue-chip index was down 488 points at one point, but it managed to climb back into positive territory to end the day with a gain of 238 points, or 0.7%, at 34,049.

The Dow plummeted more than 900 points on Friday to post its worst daily loss since October 2020.

The S&P 500 increased 24 points, or 0.57%, to finish Monday at 4,296.

The tech-heavy Nasdaq rose 165 points, or 1.29%, to end the day at 13,004.

Twitter stock price jumped 5.66% to close the day at $51.70 per share, after its trading was briefly halted in the S&P 500 during mid-day session amid a pending purchase agreement.

The social media company announced earlier it has entered into a definitive agreement to be acquired by an entity wholly owned by entrepreneur and business magnate Elon Musk for $44 billion, in which Twitter stockholders will receive $54.20 in cash for each common stock they own.

The yield on 10-year US Treasury notes fell 2.84% to 2.824%. The VIX volatility index, known as the fear index, lost 4.22% to 27.02.

The dollar index, on the other hand, gained 0.52% to 101.75.

Precious metals declined, with gold losing 1.75% to $1,898 and silver losing 2.2% to $23.64 an ounce.

Crude oil prices lost more than 3%.

Global oil benchmark Brent crude was trading at $102.57, down 3.4%, while US benchmark West Texas Intermediate (WTI) was at $98.97 with a 3.1% loss.

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