Stocks jumped on Monday, with all three major averages rising to recoup some of last week's losses following the Federal Reserve's update to interest rate outlooks subsided.
The Dow Jones posted its best day since March, after the benchmark suffered its worst week since October last week. The S&P 500 also gained on Monday, with the average now sitting within 1% of its recent record high. The Nasdaq also rose, but was the day's underperformer as some mega-cap tech names like Amazon
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
SEC opens probe into SolarWinds cyber breach:
The U.S. Securities and Exchange Commission (SEC) has opened a probe into the SolarWinds
The SEC sent investigative letters late last week to a small number of public issuers and investment firms asking for voluntary disclosures that the firms were impacted by the widespread breach and failed to disclose the fact, Reuters reports.
The agency is also seeking information on whether public companies that were impacted had experienced a lapse of internal controls, Reuters reports, and other related information on insider trading. Moreover, the SEC is looking at company policies to assess whether they are designed to protect customer information.
Here's how the market started trading after opening bell:
S&P 500 Index: +0.49% or +20.28 points to 4,186.73
Dow Jones Industrial Average: +0.66% or +219.66 points to 33,509.74
Nasdaq Composite Index: +0.20% or +29.82 points to 14,060.19
Bitcoin drops on China cryptocurrency crackdown:
Bitcoin dropped to a two-week low on Monday on reports that China is intensifying its crackdown on cryptocurrency mining and services linked to digital currency, falling below $32,000.
The People's Bank of China announced Monday that it convened a meeting with Alipay