US: Dow recovers to close with gains despite volatility

ANKARA 

The Dow Jones recovered to close Monday with gains, while other major indexes ended the day lower in the US market, as investors are cautious against high volatility. 

The blue-chip Dow was up 27 points, or 0.1%, to close at 31,521, with Coca-Cola and IBM rising more than 1% and Walt Disney soaring 4.4%.

The S&P 500, on the other hand, was down 27 points, or 0.7%, to 3,879 and the Nasdaq dived 341 points, or 2,4%, to 13,533 with Tesla plummeting 8.5%, and Zoom Video and Uber falling over 5% each.

After increasing 12.6% for three consecutive days last week, the VIX volatility index increased 6.5% to 23.49. The fear index saw the level of 25.09 at one point -- its highest level since Feb. 3.

While the cryptocurrency market saw major declines, Bitcoin had its largest daily loss since Jan. 27. After hitting a new record high level at $58,321 earlier in the day, Bitcoin fell to as low as $48,383 before climbing back above $53,700 mark around final bell.

Investors on Tuesday will be closely watching the Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee where he will provide comments on overall economic outlook.