Dow Thunders Higher by Nearly 400
September 09,2024 10:39 am EST
U.S. stocks jumped Monday as Wall Street tried to recover some of the steep losses suffered last week.
The Dow Jones Industrial index leaped 395.38 points, or 1%, to begin Monday at 40,740.79.
The S&P 500 index regained 41.05 points to 5,449.47.
The NASDAQ climbed 118.95 points to 16,809.78.
Boeing shares led the way higher for the Dow, rising 3.3%. American Express and Caterpillar also advanced more than 1%. Tech and communication services were the best-performing S&P 500 sectors, advancing more than 1% each.
The stock market suffered serious losses to kick off its first trading week of September, a historically tough month for equities. The S&P 500 tumbled 4.3%, registering its worst week since March 2023. The NASDAQ plunged 5.8% for its worst weekly performance since 2022, while the 30-stock Dow dropped 2.9%.
This week, investors will watch out for two key inflation reports that could further inform the Federal Reserve's decision at its next open market committee meeting. August's consumer price will see the light of day Wednesday, and the producer price report is slated for release on Thursday morning.
Prices for the 10-year Treasury gained some ground, lowering yields to 3.71% from Friday's 3.72%. Treasury prices and yields move in opposite directions.
Oil prices took on 30 cents to $67.97 U.S. a barrel.
Gold prices picked up $1.70 to $2,526.30.
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