Dow jumps nearly 300 points as U.S. stocks rebound after turbulent week

U.S. stocks opened higher on Monday, with the Dow leading the charge as the market rebounded following a difficult week that saw both the Nasdaq Composite and S&P 500 slide into correction territory. A correction in markets is defined as a drop of 10% or more from a recent closing high. Investors’ sense of renewed optimism was fueled by a handful of strong earnings reports, including numbers from Dow component McDonald’s Corp.
MCD,
+1.60%
which included strong sales growth that sent shares of the fast-food giant soaring out of the gate. Fintech company Sofi Technologies Inc.
SOFI,
-0.36%
also posted a large revenue beat. The S&P 500
SPX,
+0.66%
gained 28 points, or 0.7%, to 4,146 at the open, while the Nasdaq Composite
COMP,
+0.67%
climbed 98 points, or 0.8%, to 12,736, and the Dow Jones Industrial Average
DJIA,
+1.04%
rose by 264 points, or 0.8%, to 32,679.