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Stocks rose on Monday, erasing sharp losses from earlier in the day, as shares of technology companies posted strong rebounds across the board.
The Dow Jones Industrial Average came back from losses of more than 500, and fought their way into positive country, picking up 68.15 points to 24,457.10
The S&P 500 nicked up 4.64 points to 2,637.72. At its lows of the day, the S&P 500 had dipped below its low reached in October during the previous vicious market selloff.
The NASDAQ regained 51.27 points to 7,020.52
Facebook shares rose 3.2% while Amazon, Netflix and Alphabet all rose more than 0.6%. Apple, meanwhile, erased a more-than-2% pullback to close 0.7% higher.
Shares of Apple initially fell after a Chinese court granted Qualcomm an injunction against the iPhone maker. It is unclear how the injunction will impact Apple's sales in China, however. Qualcomm says the order bans Apple iPhone imports and sales in China. Apple, meanwhile, says it only impacts sales of phones running an older operating system.
Stocks fell to their lows of the day after U.K. Prime Minister Theresa May announced the delay of a key Brexit vote in the country's parliament. Originally, it was scheduled to be held Tuesday.
On Sunday, China summoned the U.S. ambassador to Beijing to protest Huawei CFO Meng Wanzhou’s detention. Reuters reported, citing the state-run Xinhua News Agency, that Chinese Vice Foreign Minister Le Yucheng called Meng’s arrest “extremely egregious.”
The arrest is seen as a potential deterrent to the U.S. and China reaching a permanent deal on trade. Huawei is one of the largest tech companies in China and is seen as symbol of pride by the Chinese government. Meng is scheduled to appear at a bail hearing in Vancouver later on Monday.
Prices for the benchmark for the 10-year U.S. Treasury dropped, raising yields back to Friday’s 2.86%. Treasury prices move in opposite directions.
Oil prices lost $1.79 to $50.82 U.S. a barrel.
Gold prices slid $3.20 to $1,249.40 U.S. an ounce.
