Dow stages big reversal, closing up by more than 200 points

(CNBC) -- The Dow Jones Industrial Average cut a nearly 500-point intraday loss Monday as technology names like Microsoft rallied amid falling interest rates.

The blue-chip average rose 238.06 points, or 0.7%, to 34,049.46. The index was down as much as 488 points earlier in the session. The S&P 500 ticked up 0.6% to 4,296.12. The tech-heavy Nasdaq Composite gained 1.3% at 13,004.85.

Concerns about a global economic slowdown amid Covid outbreaks in China sent interest rates lower. The 10-year Treasury yield pulled back to the 2.8% level.

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