(CNBC) — Stocks rallied on Monday, with the Dow industrials rebounding after a five-day losing streak, as voting in Crimea passed without violence and after economic reports had U.S. manufacturing output jumping the most in six months in February.
"We've gotten used to markets that are going to price in the worst-case scenario," said Art Hogan, chief market strategist at Wunderlich Securities, of the possibility of violence or military conflict during the weekend as a referendum was held in Crimea on whether to join Russia.
"Even when things may not be pretty, so to speak, when it's expected," the market is typically satisfied, said JJ Kinahan, chief strategist at TD Ameritrade, who noted the CBOE Volatility Index (VIX), a measure of investor uncertainty, was on Monday down nearly 13 percent to 15.55. Investors "were paying up on Friday for protection going into this weekend, just in case, which allowed them to keep their long positions."
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