The market got a boost from better-than-expected auto sales in March from USA automakers including General Motors, whose sales jumped more than 15%. Retailers like Foot Locker and consumer-focused companies including Netflix also climbed. The dollar last traded at 105.88.
The Standard & Poor's 500 index skidded 80 points, or 3 percent, to 2,560 as of 2:30 p.m. Walmart stock fell 3.8 per cent.
The Dow Jones industrial average rose 389.17 points, or 1.6 per cent, to 24,033.36.
The most recent occurred two weeks ago, when each of the three major USA indexes lost 5 to 6 percent of their value in five days. "China is important, but we trade more with Mexico and Canada", said Hogan of concerns about USA efforts to renegotiate the North American Free Trade Treaty, or NAFTA, with its neighbors.
"There was a lot less interconnectedness", he said.
Media conglomerate Viacom sank 4 percent following reports that sibling company CBS wanted to buy it for below its current market value.
Trader Leon Montana works on the floor of the New York Stock Exchange on Monday, April 2, 2018.
All eyes will be on major stock markets today to see if they can recover from the severe pounding they took Monday. The stock wound up closing down 10.2 per cent at $149.01.
Beijing's quick response suggested that tensions between the world's two biggest economies could pave the way for a trade war and spill over to other countries in Asia that the two countries have close ties with.
Amazon and Tesla, the top drags yesterday, rose, with the Dow and the S&P opening above their 200-day moving averages. "I don't know what will happen the rest of this week, but as we get into earnings season, I do think it will help the market".
"Its more complicated than just a tech selloff". Some of the market's woes stem from the fact that several of the largest technology companies have come under fire at the same time.
The looming threat of tighter regulation of the tech sector in Europe and the USA prompted investors to pull money out of high-flying companies, such as Netflix, Microsoft and Alphabet, Google's parent company.
E-commerce giant Amazon, one of the best performers over the past year, declined after U.S. President Donald Trump criticized the company in a series of tweets. Amazon is being hammered partly because of Trump's constant criticism of the firm.
USA crude gained 14 cents to $63.15, copper jumped 1.4 percent for its fourth straight gain and spot gold ticked down 0.2 percent to $1,338.08 an ounce.
The president has for days been assailing Amazon, lately focusing on a "scam" contract with the U.S. Postal Service that has actually been judged profitable for the post office.
At 9.34am ET, the Dow was up 0.4 per cent at 23,738.31. But Facebook shed 0.3%. The yield on the 10-year Treasury note fell to 2.72 percent from 2.74 percent after a sharp decline last week.
Wholesale gasoline dropped 5 cents to $1.97 a gallon. Silver fell 1.7 per cent to $16.39 an ounce.
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