The stock market mounted a shocking comeback to close in the black after being in the red most of the day. At one point on Monday (January 24), the Dow Jones Industrial Average was down by more than 1,000 points and seemed headed for its seventh straight losing day.
By the time the markets closed, the Dow Jones had managed to recoup its losses, closing the day up 99 points. The S&P 500 finished the day ahead by 12 points while the Nasdaq closed 86 points higher.
"The big story so far in 2022 has been the rapid move higher in interest rates, which is prompting investors to reassess valuations for some of the most expensive segments of the market and rotate into value stocks," said David Lefkowitz, head of equities Americas at UBS Global Wealth Management, according to CNBC.
Despite Monday's furious comeback, 2022 has not been kind to the stock market. The Dow Jones is down over five percent, while the S&P 500 is down by more than seven percent this month. Meanwhile, the Nasdaq has been down more than 11% since the start of the year.