U.S. stocks close higher after heavy weekly sell-off

NEW YORK, Feb. 12 (Xinhua) -- U.S. stocks ended higher on Monday as the market rebounded after a heavy weekly sell-off.

The Dow Jones Industrial Average added 410.37 points, or 1.70 percent, to 24,601.27. The S&P 500 increased 36.45 points, or 1.39 percent, to 2,656.00. The Nasdaq Composite Index was up 107.47 points, or 1.56 percent, to 6,981.96.

For Chinese companies listed in the United States, shares of Chinese e-commerce giant Alibaba rose 0.44 percent to end at 177.44 U.S. dollars on Monday, while shares of another Chinese technology company Baidu soared 2.77 percent to close at 221.64 U.S. dollars.

Last week, all major indices slumped deeply, with the Dow, the S&P 500 and the Nasdaq all plunging over 5 percent, notching their worst weekly performance in nearly two years.

Traders said that the investors' move to lock in profits, possibly some computer-programed trading, combined with concerns about interest rates have sent the equities into correction territory.

Many analysts believed that the recent pullback was not linked to economic fundamentals. Instead, it was a healthy market correction that is welcomed and long overdue.

With no major data due on Monday, investors watched closely the latest news that the White House will unveil a long-awaited infrastructure plan that includes 200-billion-U.S.-dollar in federal spending over 10 years. Enditem