S&P 500's Rally Puts It Within Reach Of Last Week's Pre-collapse Level

By Mark DeCambre Markets MarketWatch Pulse

The S&P 500 index on Monday was just about six points shy of its Tuesday closing levels--the day before the overall stock market endured its sharpest daily collapse in months. The S&P 500 was recently trading up about 12 points, or 0.5%, at 2,394, which puts the broad-market gauge just shy of its close of 2,400.67 last Tuesday. The Dow Jones Industrial Average was up 0.5% at 20,903, about 75 points from its Tuesday finish at 20,979.75, while the Nasdaq Composite Index , which endured the sharpest decline of the major U.S. equity benchmarks on Wednesday, was up 0.7% at 6,127, compared with 6,169.87 at the close of trade Tuesday. The trade action marks a relatively rapid rebound for the U.S. equity market, which is on track to log its third straight advance after suffering its worst one-day decline of 2017, following heightened worries about President Donald Trump's ability to make good on promises to put forth market-friendly policies. A series of reports, implying that he obstructed justice in firing then-director of the Federal Bureau of Investigation James Comey, who had been investigating ties between Russia and members of Trump's presidential campaign, has been at the heart of Wall Street's recent concerns.

Continue Reading Below

Copyright © 2017 MarketWatch, Inc.