Wall Street Roars Back: Dow Jumps 1,104 Points on Tech, Oil Drop
(MENAFN) US stocks finished sharply higher Monday, with a rebound in technology shares and a steep drop in oil prices restoring investor confidence after last week’s sell-off.
The Dow Jones Industrial Average jumped 1,104.02 points, or 2.15%, to close at 52,389.75. The S&P 500 rose 173.08 points, or 2.35%, to 7,549.94, and the Nasdaq Composite added 673.71 points, or 2.74%, to 25,253.14.
The VIX, widely known as Wall Street’s fear gauge, collapsed 22.31% to 19.92.
Chipmakers powered the tech recovery. Advanced Micro Devices shot up 13.2% and Broadcom gained 8.8%. Tesla advanced 5.5%, Amazon climbed roughly 3%, Microsoft added nearly 3% and Alphabet rose 1%.
Nvidia was the notable laggard, sliding about 4.3% after its board launched an independent investigation into reports that Chief Executive Jensen Huang had been the target of a foreign intelligence effort. The company said independent directors and outside counsel would oversee the review, and that the board had no reason to believe national security or company secrets had been compromised.
Cheaper energy added to the bullish mood. Brent crude futures settled down 5.85% at $92.57 a barrel, while US benchmark West Texas Intermediate dropped 4.38% to $86.85.
The advance built on Friday’s partial recovery from a sharp tech sell-off, as investors assessed possible changes to artificial intelligence oversight after strong midterm election results for Democrats. Worries over tighter rules on data center construction and energy use have weighed on the outlook for AI infrastructure spending.
Elsewhere, the US 10-year Treasury yield rose 1.9 basis points to 4.878%, and the euro strengthened 0.71% against the dollar to $1.122. Investors are now watching upcoming US inflation data for hints about the Federal Reserve’s interest rate path.
European markets also climb
European equities closed higher as rebounding tech stocks and falling oil prices lifted risk appetite. The pan-European STOXX Europe 600 gained 1.26%, or 8.19 points, to 656.52.
Italy’s FTSE MIB led the major regional benchmarks, rising 2.69% to 51,399.88, followed by Spain’s IBEX 35, which climbed 1.93% to 19,742.50. Germany’s DAX advanced 1.73% to 26,267.19, France’s CAC 40 increased 1.16% to 8,233.30, and Britain’s FTSE 100 added 1.02% to 10,782.87.
The Dow Jones Industrial Average jumped 1,104.02 points, or 2.15%, to close at 52,389.75. The S&P 500 rose 173.08 points, or 2.35%, to 7,549.94, and the Nasdaq Composite added 673.71 points, or 2.74%, to 25,253.14.
The VIX, widely known as Wall Street’s fear gauge, collapsed 22.31% to 19.92.
Chipmakers powered the tech recovery. Advanced Micro Devices shot up 13.2% and Broadcom gained 8.8%. Tesla advanced 5.5%, Amazon climbed roughly 3%, Microsoft added nearly 3% and Alphabet rose 1%.
Nvidia was the notable laggard, sliding about 4.3% after its board launched an independent investigation into reports that Chief Executive Jensen Huang had been the target of a foreign intelligence effort. The company said independent directors and outside counsel would oversee the review, and that the board had no reason to believe national security or company secrets had been compromised.
Cheaper energy added to the bullish mood. Brent crude futures settled down 5.85% at $92.57 a barrel, while US benchmark West Texas Intermediate dropped 4.38% to $86.85.
The advance built on Friday’s partial recovery from a sharp tech sell-off, as investors assessed possible changes to artificial intelligence oversight after strong midterm election results for Democrats. Worries over tighter rules on data center construction and energy use have weighed on the outlook for AI infrastructure spending.
Elsewhere, the US 10-year Treasury yield rose 1.9 basis points to 4.878%, and the euro strengthened 0.71% against the dollar to $1.122. Investors are now watching upcoming US inflation data for hints about the Federal Reserve’s interest rate path.
European markets also climb
European equities closed higher as rebounding tech stocks and falling oil prices lifted risk appetite. The pan-European STOXX Europe 600 gained 1.26%, or 8.19 points, to 656.52.
Italy’s FTSE MIB led the major regional benchmarks, rising 2.69% to 51,399.88, followed by Spain’s IBEX 35, which climbed 1.93% to 19,742.50. Germany’s DAX advanced 1.73% to 26,267.19, France’s CAC 40 increased 1.16% to 8,233.30, and Britain’s FTSE 100 added 1.02% to 10,782.87.
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