Led by Apple Inc. (NASDAQ: AAPL) and Intel Corp. (NASDAQ: INTC), the Dow 30 stocks have engineered a significant recovery since the opening bell rang Monday morning.
Apple, which posted a new 52-week low of $92, has recovered to show a 2% gain over its Friday closing price, trading at around $108. Apple had already traded more than twice its daily average of 50 million shares.
Intel, which also posted a new low Monday, traded up nearly 4% at around $27.60 shortly after the noon hour.
The Dow Jones Industrial Average (DJIA) shed more than 1,000 points before coming back to a loss shortly after noon of just 140 points. Intel’s average daily volume is around 32 million, and more than 50 million shares had traded hands thus far.
Apple is the second-most heavily weighted stock in the DJIA (6.04% of the total), while Intel is the third least-heavily weighted with 1.08% of the index.
Other stocks helping pull the Dow back up included Boeing Co. (NYSE: BA), which also posted a new low of $115.30 Monday morning, down 12%, and traded at $130.53, down less than 1% from Friday’s close. Boeing is the fourth most heavily weighted Dow stock and had already traded nearly double its average daily volume.
UnitedHealth Group Inc. (NYSE: UNH) plunged more than 18% early Monday, but it recovered to trade down at less than 3%. The fifth-most heavily weighted stock on the DJIA had traded about 10% more shares than its daily average of 4.1 million.
Johnson & Johnson (NYSE: JNJ) dipped to a new 52-week low of $81.79 in the morning, down more than 14% from Friday’s close. The stock recovered quickly, however, and traded at around $94.40, down just 1.2% on more than double daily average volume of 16 million shares.
While Monday morning’s shocking opening was a real attention-getter, it is hard to describe it as any sort of real correction. The Dow was down just 1.25%, the Nasdaq Composite was down just 1.19% and the S&P 500 was down 1.68%. Taken together, with past week’s declines, there does appear to be a downward movement across the board. But it is not a tsunami that wrecks everything in its path and takes months or years to clean up. At least not yet.