US stocks closed broadly higher on Monday, clawing back some of the losses from their worst week since April.
- The S&P 500 rose 59.41 points, or 1.1% to 5,564.41, breaking a three-day losing streak. It was the first gain for the index since setting an all-time high early last week.
- The Dow Jones Industrial Average rose 127.91 points, or 0.3% to 40,415.44.
- The Nasdaq composite gained 280.63 points, or 1.6%, to close at 18,007.57
Nvidia rose 4.8%, and other Big Tech stocks likewise regained some of their sharp drops from the week before to support the market. They had sputtered amid criticism they'd grown too expensive after rocketing so high and being the main reasons for Wall Street's run to records. Two of them, Alphabet and Tesla, will report on Tuesday how much profit they earned during the spring in a big test. They each rose at least 2.7%
Treasury yields mostly rose in the bond market the day after President Biden said he won't run for reelection, the AP reports. The move could cause the unwind of some of the market's "Trump trade," which took off after Biden's weak performance in a debate last month raised expectations for a win by Donald Trump. Bank stocks had climbed on forecasts for lighter regulations following a Republican sweep, for example, and longer-term Treasury yields climbed more than short-term ones on expectations for policies that could push up the US government's already high debt.
story continues below
Analysts are expecting companies in the S&P 500 to deliver the strongest profit growth for the latest quarter since the end of 2021, according to FactSet. Truist Financial rose 3.2% after the bank reported net interest income, a key underlying measure of overall profit, that analysts called stronger than expected. Verizon Communications tumbled 6.1% after reporting profit for the latest quarter that matched analysts' expectations but revenue that fell just short. Besides Alphabet and Tesla, dozens of other big US companies will also report their latest quarterly results this upcoming week, including Coca-Cola, Ford, and American Airlines.
(More
stock market stories.)
,
uBlock 
,
and
Ghostery 
)
