The Dow Jones Industrial Average rose more than 300 points on Monday as stocks bounced back following the beginning of the holiday shopping season. Photo by John Angelillo/UPI | License Photo
Nov. 26 (UPI) -- Stocks bounced back Monday after a difficult October and November pushed the major indexes into correction territory.
The Dow Jones Industrial Average climbed 354.29, or 1.46 percent, back to 24,640.24 points, while the S&P 500 rose 1.55 percent and the Nasdaq Composite shot up 2.06 percent after each index fell about 4 percent last week.
Monday's bounceback was driven by the same oil stocks that drove the decline last week. U.S. crude futures increased nearly 3 percent above $51 a barrel and Brent crude climbed more than 3 percent to above $60 a barrel, Market Watch reported.
Retailers also delivered a strong performance Monday in the wake of Black Friday and Cyber Monday deals, with Amazon rising 5.3 percent, video game retailer GameStop Corp. up 8 percent, American Eagle Outfitters Inc. climbing 5.5 percent, Best Buy Co. up 2.9 percent and Target Corp. increasing 2.8 percent.
In-store retail traffic dropped 9 percent compared to Black Friday 2017, but Internet sales between Wednesday and Friday rose by 26.4 percent year-over-year, according to data by Adobe Systems Inc., RetailNext and ShopperTrak.
Despite Monday's rebound, some investors remain skeptical, as Sam Stovall, chief investment strategist at New York-based Wall Street research firm CFRA, questioned whether the market was experiencing a "bounce or bottom."
Stovall's analysis did present some optimism, as valuations have fallen to a low enough level to potentially encourage buyers to return.
John Stoltzfus, chief investment strategist at Oppenheimer added that "all eyes will be on the G20 meeting" between U.S. President Donald Trump and Chinese President Xi Jinping for any possible indication at a resolution in the ongoing trade war, which has resulted in tariffs that have damaged the stock market.