Following one of the worst market selloffs in history, investors are buying the dip. Here are the stocks making the biggest comeback.
At the lows of the session Monday, the Dow was down as much as 1,089 points, or 6.6 percent, trading 16 percent below its record level of 18,351 reached May 19.
But as the selling subdued, the index recovered more than half its losses, down about 140 points or 0.9 percent as of midday trading.
From the lows of the session the rally in the Dow accounts for about a 6 percent rally, on pace for a rare market turnaround.
"I just look at this selloff as a good thing," said Jim Paulsen, chief investment strategist at Wells Capital Management, explaining that valuations were stretched at 19 times earnings.
"At this level, I feel a lot better. If you're at 1,850 on 113 trailing earnings for the S&P 500, that's 16 times. That's much more reasonable," he added.
This was a free PRO preview. PRO brings you the insight you need for smarter investing. Subscribe today.