Dow has biggest daily jump since 2009

Stocks roared back to life on Wall Street Monday, recouping some of their losses from last week's market meltdown.

The Dow closed up nearly 1300 points, while the S&P 500 and Nasdaq closed up around 4.5%, with investors betting central banks will step in to counter the economic impact from the coronavirus following Wall Street's worst week since the 2008 financial crisis.

But while Dan Suzuki of Richard Bernstein Advisors says the market was due for an up-day, he still sees concerning signs.


"The big driver of the rebound, it kind of just got oversold. If you look at all the short-term positioning, it went from hugely bullishly-positioned to negatively positioned. You saw huge outflows overall. As I mentioned, you look at the internals of the market - interest rates hitting all time lows and defensives leading the way up. I think those tell you you're not getting the all-clear signal that people just looking at the headlines might see."

Indeed, the re-bound had a defensive tilt to it - with consumer staples, utilities and real estate the best performing sectors in the S&P.

While the tech sector notched its best day since December of 2018...

...Helped by iPhone maker Apple, which rose more than 9%, in its biggest one-day jump since 2008.