U.S. stocks jumped on Monday as shares of some beaten-down tech companies rebounded after posting steep losses last week while General Motors shares climbed.
The Dow Jones Industrial Average rose 354.29 points to 24,640.24, posting its biggest gain since Nov. 7, while the S&P 500 gained 1.55 percent to end the day at 2,673.45. The Nasdaq Composite outperformed, rising more than 2 percent to close at 7,081.85.
Shares of Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all rose at least 1 percent. These stocks dropped more than 3.6 percent last week, falling further into bear-market territory. The Invesco QQQ Trust, which tracks the Nasdaq 100 index, fell nearly 5 percent and saw more than $1 billion in outflows last week.
"Last week there was a lot of indiscriminate selling," said Ilya Feygin, senior strategist at WallachBeth Capital. "It's almost too late to sell some of these tech names. They've gotten down to a point where companies like Facebook are trading around 18 times earnings, which is not too far from the market multiple."
"Some of these names needed to bounce a bit," Feygin said.
Monday's moves come after stocks suffered their worst Thanksgiving week since 2011 last week as a sell-off in once-loved technology stocks and oil prices put traders into risk-off mode. On Friday alone, U.S. oil prices plunged about 8 percent.