Wall Street Posts Comeback Rally
Originally published at Fox Business
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The markets shifted into rally mode as traders scooped up bargains following the steepest weekly retreat since November.
As of 12:20 p.m. ET, the Dow Jones Industrial Average climbed 102 points, or 0.82%, to 12471, the S&P 500 gained 15.2 points, or 1.2%, to 1310 and the Nasdaq Composite rose 49.5 points, or 1.8%, to 2828.
The S&P 500 tumbled 4.3% last week -- the third straight week of losses for the broad-market index. The Nasdaq suffered more, skidding 5.3% to the downside.
Some of the sectors that performed the worst last week outperformed on the day. The industrial sector had the biggest gains, followed by basic materials, technology and financial stocks. The weakest performers were traditional defensive sectors like utilities and consumer staples.
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