Wall Street staged a dramatic comeback on Monday as investors began to buy the dip in tech shares after last week's negative market. The Dow Jones Industrial Average closed up nearly 100 points after falling as low as 1,000 points earlier in the session, while the S&P 500 closed in the green after briefly slipping into correction territory. The Nasdaq also turned positive after dropping nearly 5% during the session.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Google sued by bipartion attorneys general for allegedly tracking users' location without permission:
A bipartisan group of attorneys general from the District of Columbia, Indiana, Texas and Washington allege in separate lawsuits filed Monday that Google
"Even when consumers explicitly opted out of location tracking by turning 'location history' off, Google nevertheless recorded consumers' locations via other means," the lawsuit alleges. "Although Web & app activity setting is automatically enabled for all Google accounts, the company's disclosures during 'Google account' creation did not mention or draw consumers' attention to the setting until 2018."
Private, manufacturing sectors' growth fell in early January:
Growth for U.S. private and manufacturing sectors declined in early January as the impacts of the highly transmissible Omicron variant further accelerated existing supply chain issues and labor shortages.
IHS Markit's preliminary services purchasing managers index (PMI) for January dropped to 50.9 from December's 57.6, according to the institution's report published Monday, slumping to an 18-month low. Meanwhile, manufacturing PMI also slipped to 55.0 in January from December's print of 57.7, marking a 15-month low. However, readings above the neutral level of 50.0 indicate expansion in a sector.
"Soaring virus cases have brought the U.S. economy to a near standstill at the start of the year, with businesses disrupted by worsening supply chain delays and staff shortages, with new restrictions to control the spread of Omicron adding to firms' headwinds," Chris Williamson, chief business economist at IHS Markit, said in a statement. "However, output has been affected by Omicron much more than demand, with robust growth of new business inflows hinting that growth will pick up again once restrictions are relaxed."
"Furthermore, although supply chain delays continued to prove a persistent drag on the pace of economic growth, linked to port congestion and shipping shortages, the overall rate of supply chain deterioration has eased compared to that seen throughout much of the second half of last year," Williamson added.
Here's how market benchmarks started trading soon after open:
S&P 500 Index: -1.73% or -75.94 points to 4,322.00
Dow Jones Industrial Average: -1.51% or -518.59 points to 33,746.78
Nasdaq Composite Index: -2.11% or -290.87 points to 13,497.58
