NEW YORK, Nov. 26 (Xinhua) -- U.S. stocks rallied on Monday as major tech shares rebounded after a steep sell-off in the previous week.
The Dow Jones Industrial Average surged 354.29 points, or 1.46 percent, to 24,640.24. The S&P 500 was up 40.89 points, or 1.55 percent, to 2,673.45. The Nasdaq Composite Index jumped 142.87 points, or 2.06 percent, to 7,081.85.
All of the 11 primary S&P 500 sectors closed higher, with consumer discretionary and technology up 2.59 percent and 2.25 percent, respectively, outperforming others in the index.
Shares of Facebook and Amazon rose 3.53 percent and 5.28 percent, respectively, at market closing. Shares of both Apple and Netflix gained more than 1 percent, and Google-parent Alphabet climbed 2.42 percent.
These stocks dropped at least 3.6 percent last week, falling further into bear-market territory.
Shares of General Motors advanced 4.79 percent. The company revealed plans Monday to cut production at a number of plants next year and reduce its salaried workforce by 15 percent, a more cost-cutting plan that was often favored by investors.
U.S. stocks posted sharp losses in the week ending Nov. 23, as a sell-off in technology stocks and oil prices put traders into risk-off mode. The Dow tumbled 4.4 percent, the S&P 500 dropped 3.8 percent, and the Nasdaq plunged 4.3 percent, registering the worst Thanksgiving week since 2011.
