(CNBC) -- The Dow Jones Industrial Average rose to a new record on Monday despite weakness in bank stocks caught in the downdraft of Friday’s margin call.
The Dow erased a 160-point loss and closed up 98 points at a fresh record of 33,171. The S&P 500 fell 0.09% to 3,971 after falling as much as 0.8% earlier. The Nasdaq Composite slipped 0.6% to 13,059.
Shares of ViacomCBS and Discovery swung between losses and gains after intense selling pressure last week. The two companies were believed to be hit by forced liquidation of positions held by the multibillion dollar family office Archegos Capital Management, a source familiar with the situation told CNBC.
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