Stocks closed broadly higher as Wall Street navigates through the uncertainty of a trade war. The S&P 500 jumped 1.8% Monday. It is coming off its first winning week after a four-week losing streak. More than 80% of stocks within the S&P 500 notched gains and nearly every sector within the index rose. The Dow […]
Business
Wall Street gains ground, shaking off 4-week losing streak
Audio By Carbonatix
Stocks closed broadly higher as Wall Street navigates through the uncertainty of a trade war.
The S&P 500 jumped 1.8% Monday. It is coming off its first winning week after a four-week losing streak.
More than 80% of stocks within the S&P 500 notched gains and nearly every sector within the index rose.
The Dow Jones Industrial Average rose 1.4% and the Nasdaq composite rose 2.3%.
Stocks have been riding waves of hope and worry as tariffs are announced, then either implemented or pulled. Wall Street remains focused on how tariffs could eventually impact inflation, consumer spending and economic growth.
Technology stocks helped lead the way. The sector has been the driving force behind much of the broader markets movement, whether up or down. The stocks are among the most valuable on Wall Street and tend to have an outsized impact on the broader market’s direction.
Nvidia rose 3.6% and Apple added 0.9%.
Tesla climbed 10.3% for the biggest gain among S&P 500 stocks. The electric vehicle maker is still down about 32% for the year. It has been struggling on worries that customers are turned off by CEO Elon Musk’s leading efforts to slash spending by the U.S. government.
Genetics testing company 23andme lost more than half its value after it announced over the weekend that it had initiated voluntary bankruptcy proceedings.
AZEK Co. jumped 15.2% after the building materials company announced it was being bought by Australia’s James Hardie Industries in a cash-and-stock deal valued around $8.75 billion.
It’s the second large deal in the sector in less than a week, with QXO Inc. announcing on Thursday that it was buying Beacon Roofing Supply Inc. in a deal worth about $11 billion, including debt.
In the bond market, Treasury yields rose. The yield on the 10-year Treasury rose to 4.33% from 4.25% late Friday.
Markets in Europe mostly closed lower, while indexes in Asia were mixed.