(CNBC) — Stocks bounced for a second day Monday to wrap up a rough January, as investors snapped up some of the tech shares that have been battered all month.
Despite the two-day relief rally, both the S&P 500 and the Nasdaq Composite posted their worst months since the onset of the pandemic, as investors braced for the Federal Reserve to raise interest rates multiple times this year starting soon.
The S&P 500 rose 1.8% on Monday to 4,515.55, cutting its loss for the month to 5.2%. That’s still its worst month since the 12.5% loss in March 2020, and its worst January since 2009. The Dow Jones Industrial Average added 406 points, or 1.1%, to reach 35,131.86. That helped it cut its loss for the month to 3.3%, as it benefitted from its underweighting in tech shares.
