Dow futures fall more than 80 points as wild market swings continue

Stocks surge in early trading Dow jumps 300 points

United States of America stocks went on another bumpy ride on Wall Street, dropping sharply in early trading before recovering their losses by lunch time. On Monday General Motors picked up 54 cents, or 1.3 percent, to $42 and Netflix climbed $8.48, or 3.4 percent, to $257.95.

The fear that the era of cheap money could be coming to an end proved the catalyst for a major sell-off for stock indices both in the USA and across the globe - widely seen as a "correction" after markets had surged to record highs. However, the Nasdaq was still holding onto this year's gains of 1.4 percent at the close of yesterday's session.

Petroleum-linked shares rose amid higher oil prices, with Halliburton winning 2.6 per cent, Schlumberger 2.5 per cent and Apache 2.4 per cent. The Standard & Poor's 500, the benchmark for many index funds, gained 1.4 percent to 2,656. It was up as much as 574 points earlier.

The Dow Jones Industrial Average was up 74.08 points or 0.30% at 24,686.92 while the S&P 500 was also slightly higher, up 7.17 points or 0.28 % at 2,665.06. The Nasdaq was up 107 points (1.6%).

Stocks are surging on Wall Street as the market claws back some of its massive losses last week.

President Donald Trump unveiled the country's latest budget Monday, with the White House calling for $3 trillion in deficit reduction, which would include $1.7 trillion in mandatory spending cuts, while proposing to cut discretionary spending by 2 percent a year after 2019.

Technology companies, the leading sector over the past year, and banks fell the most.

Telecom, utilities and financial stocks also saw considerable strength, contributing to the higher close by the broader markets.

Advancing issues outnumbered declining ones on the NYSE by a 2.80-to-1 ratio; on Nasdaq, a 1.90-to-1 ratio favored advancers.

Restaurant Brands International, the owner of Burger King and Tim Hortons, $3.44, or 6.1 percent, to $59.95 after a strong fourth-quarter report, and McDonald's gained $3.10 to $163.90.

Wall Street's three major indexes rebounded on Monday with broad-based gains as investors regained some confidence after USA equities' biggest weekly drop in two years, but strategists stopped short of calling an end to the market pullback.

"You nearly could hear a collective sigh of relief on Friday when the market closed higher on the day - and ahead of a weekend at that", John Stoltzfus, the chief investment strategist at Oppenheimer Asset Management, said in a note on Monday.

Twenty-First Century Fox picked up 66 cents, or 1.9 percent, to $36.40 after The Wall Street Journal reported that cable and Internet provider Comcast is still interested in buying Fox's entertainment divisions and could make another offer.

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