S&P 500 closes Monday’s session higher, strongest performance since early June
Date
7/23/2024 3:51:31 AM
(MENAFN) The S&P 500 closed significantly higher on Monday, marking its strongest daily performance since early June. The index surged by 59 points, or 1.08 percent, finishing the session at 5,564. This rebound comes after the S&P 500 experienced a 1.97 percent decline the previous week, reflecting a notable recovery from recent losses.
The Dow Jones Industrial Average also saw gains, rising by 127 points, or 0.32 percent, to close at 40,415. This increase highlights a modest but positive shift in the broader market. Meanwhile, the nasdaq Composite had a more pronounced rally, jumping 280 points, or 1.58 percent, to end the day at 18,007. The Nasdaq's performance is particularly noteworthy given its recent 3.65 percent decline last week, marking a significant rebound for the tech-heavy index.
Both the S&P 500 and the Nasdaq had faced their largest weekly losses since April in the previous week, making Monday’s gains particularly significant in the context of recent market volatility.
The VIX volatility index, commonly referred to as the "fear index," fell sharply by 9.75 percent to 14.91, indicating a decrease in market uncertainty and fear. The yield on the 10-year US Treasury bond increased by 0.36 percent, reaching 4.254 percent, as investors adjusted their expectations in response to market movements.
In currency markets, the dollar index decreased slightly by 0.06 percent to 104.33, while the euro edged up by 0.01 percent to USD1.0890 against the US dollar. Precious metals experienced declines, with gold falling by 0.18 percent to USD2,396 per ounce and silver decreasing by 0.31 percent to USD29.13 per ounce.
Oil prices also saw a downturn, with Brent crude, the global benchmark, falling by approximately 0.5 percent to USD82.31 per barrel. Similarly, US benchmark West Texas Intermediate dropped to USD78.24 per barrel, reflecting a broader decline in oil prices.
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