Dow gains support as Apple, Microsoft lead tech rally
The Dow ended its steep rout on Monday after investors propped up big tech names to push the broader sector into positive territory. However, news of no further fiscal stimulus continued to weigh on investor sentiment.
The Dow Jones Industrial Average lost 1.84% (509 points) after it reached an intraday low of 900 points. The S&P 500 fell by 1.13%, while the Nasdaq Composite fell by 0.13%.
A wave of late-buying in Apple Inc’s shares and strong data from Microsoft led the rally in the broader tech sector, helping the market recover from its lows of the day.
Tech stocks helped offset weakness in value sectors amid fears that a lack of new stimulus packages could hurt the U.S. economic recovery.