Volatile stock market sees 567 point rise for Dow Jones - WKOW 27: Madison, WI Breaking News, Weather and Sports

Volatile stock market sees 567 point rise for Dow Jones

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NEW YORK (AP) — Stocks closed sharply higher on Wall Street Tuesday after another turbulent day of steep ups and downs.

The Dow Jones industrial average gained 567 points, or 2.3 percent, recouping nearly half of the 1,175-point plunge it took the day before.

The index of 30 big-name U.S. companies ended up at 24,912.

On its way there, the Dow took several harrowing turns during the day, opening with a plunge of 567 points — coincidentally, the exact same amount it wound up gaining at the closing bell.

The broader Standard & Poor’s 500 index rose 46 points, or 1.7 percent, to 2,695. The Nasdaq climbed 148, or 2.1 percent, to 7,115.

Big drops Friday and Monday erased the Dow’s gains for the year. By Tuesday, it was once again slightly higher for 2018.

Treasury Secretary Steven Mnuchin says the stock market has been “quite volatile” in recent days, but that has not shaken his view that the underlying economy is strong.

He did keep an eye on the market’s performance during his congressional testimony Tuesday morning.

“I normally wouldn’t be looking at my iPhone, but given the market moves, I am checking it,” he told lawmakers on the House Financial Services Committee. “It is now up 187 points so we are back up today.”

Mnuchin said that he was not “overly concerned about the market volatility. I think the fundamentals are quite strong.”

Mnuchin said he had been assured that markets had functioned well with no systemic issues during the big market declines on Monday.

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