Battered media stocks and major indexes bounced higher Monday, reversing course after opening in the red on the first trading day of the fourth quarter.
A correction, however brief, was due. The Nasdaq and the S&P 500 surrendered significant ground for the first three quarters of 2022 – their first such losing streak since the financial crisis in 2008.
The Dow hasn’t done as badly over that timeframe since 2015. September was especially brutal, with the DJIA, S&P 500 and tech-heavy Nasdaq down, respectively, 8%, 9.3% and 10%.
Tech stocks took a real beating. All three gained sharply today as the Dow closed up 765 points with advances across sectors.
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