3 Stocks That Drove the Dow's 641-Point Gain
Coming off the holiday, the Dow Jones Industrial Index notched a nearly 700-plus point gain today, as investors took a breather from the intense selling pressure seen all last week.
The Dow dropped roughly 4.8% last week after the Federal Reserve raised its benchmark overnight lending rate, the federal funds rate, by three-quarters of a percentage point, the largest single rate hike the Fed has made since 1994.
There didn't seem to be any big event driving the move today. Rather, I think it was a bounce or investors buying the dip after the sell-off last week. Investors are still worried about the possibility of a recession as the Fed looks poised to maintain its hawkish approach until inflation starts to show signs of flatlining. All but two of the Dow's 30 stocks finished in the green, but there were three that really drove the Dow higher today.
Source Fool.com
