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U.S. stocks rebounded on Monday, with the S&P 500 and Nasdaq Composite hitting new lows for the year before closing up for the day.

The Nasdaq Composite surged 1.63% to 12,536.02, while the S&P 500 climbed 0.57% to 4,155.38. The Dow Jones Industrial Average rose by 84.29 points, or 0.26%, to close at 33,061.50. The Dow plunged more than 500 points at its session lows.

The wild trading session followed a painful April for stocks. The Dow and S&P 500 are coming off their worst month since March 2020, when the pandemic started. The Nasdaq had its worst month since 2008.

David Katz, chief investment officer at Matrix Asset Advisors, said on CNBC’s “The Exchange” that the market has been overly worried about an economic slowdown and investors should step in to buy the dip in stocks.

“You’re able to buy a lot of great businesses at very attractive prices. Historically, that’s been a very good time to put money to work,” Katz said.

On the other hand, other market experts said that a possible short-lived relief rally could follow and pointed to the fresh lows as a sign that stocks still had further to fall.

“Sentiment is negative, but we still didn’t see a flush. We almost needed to see at least a break of these lows to see some more fear in the market, more stop levels triggered,” said Keith Lerner, co-CIO at Truist Advisory Services.

“In some ways, as much as most technicians want to see support held, in my view you almost need to see that [break] to get a more durable bottom.”

Tech stocks were the worst performers in April, but the group led the late comeback on Monday. Netflix and Facebook-parent Meta Platforms rose by about 4.8% and 5.3%, respectively. Microsoft and Google-parent Alphabet gained more than 2% each.

“With inflation so high and earnings growth slowing rapidly, stocks no longer provide the inflation hedge many investors are counting on. Real earnings yield tends to lead real stock returns on a y/y basis by about 6 months. It suggests we have a meaningful downside at the index level as investors figure this out,” Morgan Stanley equity strategist Michael Wilson said in a note to clients.

Another key economic indicator will come Friday when April’s jobs report is released.