U.S. stock market bouncing back on Monday afternoon after the biggest weekly drop since February 2016. The Dow Jones Industrial Average up 117.52 points, or 0.66%, to 17,891.16. The S&P 500 rose 0.78% to 2,081.43, and the Nasdaq Composite increased 0.88% to 4,817.59.
Stock gains have slowed after major U.S. indexes rebounded from February lows, a rally spurred by rising oil prices and the U.S. Federal Reserve’s softer stance on interest rate hike. Some investors said better-than-expected corporate earnings have helped push recent gains, and with the reporting season winding down, global economic worries are likely to determine the next direction of major U.S. indexes.
However, Japan's Nikkei stock index fell more than 3 percent overnight as markets reopened after a holiday. The market fell as Japanese investors continued to react negatively to the Bank of Japan's decision to leave interest rates unchanged. The Japanese yen also continues to climb sharply, which hurts Japanese exporters.
"It's a bit concerning. Investors are beginning to question whether monetary policy can really push Japan's economy forward and generate growth," said David Lebovitz, a global market strategist at J.P. Morgan Funds.
The dollar was last up 0.03% against the yen at ¥106.458 after ending Friday at its lowest level against the Japanese currency since October 2014. Gold price for May delivery rose 0.4% to 1294.70.