U.S. Stocks Made a Late Comeback After a Painful Month For Tech Stocks

May 2, 2022

Bull and bear , symbolic beasts of market trend

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% t

o 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.