Dow bounces back 311 points, erasing Monday losses, amid tech rebound

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Oct. 5 (UPI) — U.S. markets erased some losses from the start of the week on Monday as tech stocks rebounded.

The Down Jones Industrial Average gained 311.75 points, or 0.92%, gaining back nearly all of its losses from Monday. The S&P 500 rose 1.05%, while the Nasdaq Composite rose 1.25%.

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Facebook stock rose 2.1% after the social network and its Instagram and WhatsApp services experienced outages on Monday.

The increase came despite whistleblower Frances Haugen testifying before the Senate Tuesday that the social media company has long known about misinformation and hate speech on the platform and negative impacts on young users.

Amid a broader rise in tech stocks after losses Monday, Netflix stock rose 5.21% on Tuesday, while Google’s parent company, Alphabet, rose 1.77%, Apple gained 1.42% and Amazon closed up 0.98%.

Tech has been the worst-performing sector over the past month as treasury yields have surged settling at 1.53% on Tuesday after hitting a high of 1.56% last week.

Energy stocks rose on Tuesday as U.S. oil prices rose above $79 per barrel with Enphase Energy rising 1.64% and Chevron gaining 1.08%.

Investors have also been awaiting information from companies on how they have handled navigated supply chain challenges, rising labor costs and other issues associated with the COVID-19 pandemic after markets struggled in September.

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“The growth scare probably happened and we’ve seen a better alignment of expectations for higher inflation and lower growth. But where earnings come into play … is that we’re still going to have pockets of really high price pressure that are going to make business hard for select areas,” Francis Donald, Manulife Global chief economist, told Yahoo Finance.