The stock market mounted a much-needed comeback Monday as investors closed out its worst month since March 2020, and the Dow staging yet another reversal to close more than 400 points higher.
Wall Street loathes uncertainty, and the first month of 2022 has been threat-studded and unpredictable as investors assessed what the Federal Reserve had in store for rate hikes and historically high inflation, the pandemic’s grip over the economy, a tangle of rising geopolitical tensions and a global supply chain in deep distress. Corporate earnings — including blowout performances from Apple and Microsoft — have thus far failed to impress. Wall Street’s fear gauge, the Cboe Volatility Index, is up 75 percent year-to-date.
“This is a ‘Game of Thrones’ market between the bulls and the bears and, so far, the bears are winning,” Dan Ives, managing director of equity research at Wedbush Securities, told The Post.
The S&P 500 swelled 1.9 percent, or nearly 84 points, to end the session at 4,515.55. While that shaved its January losses to nearly 5.3 percent, it still marked the broad U.S. stock index’s worst monthly performance since the coronavirus pandemic took hold in March 2020.
The tech-heavy Nasdaq soared 3.4 percent, or 469 points, to settle at 14,239.88. But it ended the month nearly 9 percent lower than it started.
Click here to read more.