(MENAFN- Baystreet.ca) S&P Builds on Win Streak
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U.S. equities rose on Monday as the rally on Wall Street looked to continue and traders prepared for a big week for retail earnings.
The Dow Jones Industrials sailed higher 151.39 points to close Monday at 33,881.75.
The Dow closed above its 200-day moving average for the first time since April.
The S&P 500 gained 16.99 points to 4,297.14.
The S&P 500 is coming off its fourth straight one-week gain, marking the benchmark's longest winning streak since 2021 after economic data showed inflation pressures could be easing a bit. The Nasdaq and Dow also rose last week.
The NASDAQ Composite picked up 80.87 points, or to 13,128.05.
Monday's moves come after disappointing economic data out of China overnight. The country's central bank also cut rates unexpectedly, raising concern over China's economic recovery.
Stocks opened the session lower, led by declines in energy and financials, before rebounding into positive territory. Consumer staples, communication services and consumer discretionary moved higher, while Tesla pulled technology into positive territory. Disney gained on news of hedge fund manager Dan Loeb's stake.
Investors are looking ahead to a week of earnings from big retailers including Home Depot, Walmart and Target, and listening for clues on how their businesses have been affected by inflation and other macro challenges in the most recent quarter.
Treasury prices were up, lowering yields to 2.80% from Friday's 2.84%. Treasury prices and yields move in opposite direction.
Oil prices tumbled $3.18 to $88.91 U.S. a barrel.
Gold prices fell $19.70 to $1,795.80 U.S. an ounce.
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