S&P Ends 6-Day Skid
April 22,2024 04:35 pm EST
Stocks ripped higher Monday, recovering their footing after a tough week, as tech shares rebounded and tensions in the Middle East dimmed. Traders also looked ahead to the release of major earnings.
The Dow Jones Industrials jumped 254.17 points to close Monday at 38,240.57.
The S&P 500 index moved upward 43.37 points to 5,010.60.
The NASDAQ Composite gained 169.29 points to 15,451.31.
Chipmaker and artificial intelligence favorite Nvidia climbed 4.4%, bouncing from a nearly 14% selloff last week — its worst since September 2022. Arm Holdings also rebounded nearly 7% on Monday.
Companies including Tesla, Meta Platforms, American Airlines, Microsoft and Alphabet are all set to report this week.
U.S. crude prices fell more than 1% after Iran said it will not escalate the conflict with Israel. Investors had been concerned higher oil prices could contribute to inflation, leading the Federal Reserve to hold off on cutting rates.
There is some potentially bigger news in the back part of this this week, with GDP due out on Thursday and a key inflation reading on Friday, when the Commerce Department reports personal consumption expenditures price index data for March. The PCE deflator is the Fed's preferred inflation gauge.
The Fed meets again April 30-May 1, with officials now in the quiet period ahead of the meeting.
Prices for the 10-year Treasury inched higher, lowering yields to 4.62%. Treasury prices and yields move in opposite directions.
Oil prices dipped 12 cents to $83.02 U.S. a barrel.
Gold prices fell $70.00 to $2,343.80 U.S. an ounce.
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