Wall Street Posts Best Day Since April as Dow Jumps 1,104 Points
The Dow Jones Industrial Average rose 1,104 points on Monday, its best day since April, as a sharp drop in oil prices eased inflation worries and investors bought back technology shares sold off last week.
U.S. stocks rallied Monday to their best day since April and recovered most of last week’s losses as oil prices fell sharply. The Dow Jones Industrial Average jumped 1,104.02 points, or 2.2%, to 52,389.75. The S&P 500 rose 173.08 points, or 2.3%, to 7,549.94, and the Nasdaq Composite climbed 673.71 points, or 2.7%, to 25,253.14.
Brent crude fell 5.8% to $92.57 a barrel, down from more than $112 at the start of the month. The latest drop came after President Donald Trump told CNN that a resumption of U.S. strikes on Iran was "highly unlikely" if Washington sees progress in talks. Secretary of State Marco Rubio said Sunday that some Iranian demands for ending the war had been "outrageous and ridiculous."
Chip stocks rebound, Nvidia falls
The rally was the S&P 500’s second straight gain after a selloff on worries that Democratic midterm wins could slow construction of AI data centers. Advanced Micro Devices rose 13.3%, recovering its 11% loss from last week, and CoreWeave climbed 5.6%. Constellation Energy jumped 10.5% after reporting profit and revenue that beat analysts’ expectations.
Nvidia moved the other way, falling 4.3%. The company said it is investigating chief executive Jensen Huang after he acknowledged an intimate relationship with a business executive who, according to The New York Times, U.S. intelligence determined was gathering information for China. Nvidia’s board said it had "no reason to believe" national security or company secrets were compromised. China’s Foreign Ministry spokesperson Guo Jiakun called the allegations "nothing but smears against China."
The yield on the 10-year Treasury inched up to 4.87% from 4.86% late Friday, still well below a peak above 5.30% reached last month. In Europe and Asia, France’s CAC 40 gained 1.2% and Japan’s Nikkei 225 rose 2.3%, while South Korea’s Kospi fell 0.8%.
Reporting based on coverage by the Associated Press.
