Advertisment
Stocks rallied Monday to start the new month and quarter, as Treasury yields eased from levels not seen in roughly a decade.
The Dow Jones Industrials skyrocketed 765.38 points, or 2.7%, to 29,490.89.
The S&P 500 soared 92.81 points, or 2.6%, to 3,678.43
The NASDAQ Composite spiked 239.82 points, or 2.3%, to 10,815.44.
Utility investors saw Monday deal flow: Con Ed agreed to sell its Con Edison Clean Energy Businesses to Germany’s RWE for an enterprise value of $6.8 billion, while Algonquin Power will sell stakes in U.S. and Canadian wind farms to InfraRed Capital Partners.
Credit Suisse began research coverage on five utilities Monday: Dominion Energy, Exelon and Constellation Energy were rated outperform while Alliant Energy and Edison International were rated neutral.
Wall Street is coming off a tough month, with the Dow and S&P 500 notching their biggest monthly losses since March 2020. The Dow on Friday also closed below 29,000 for the first time since November 2020.
The Dow shed 8.8% in September, while the S&P 500 dipped 9.3% and NASDAQ lost 10.5%.
For the quarter, the Dow fell 6.66% to notch a three-quarter losing streak for the first time since the third quarter of 2015. The S&P discarded 5.3%, and NASDAQ fell 4.11%, to finish their third consecutive negative quarter for the first time since 2009.
The Institute for Supply Management said Monday that its manufacturing PMI fell to 50.9 in September from 52.8 in August — barely in expansion territory. A print below 50 indicates contraction, and one above that level points to an expansion.
Treasury prices spiked, lowering yields to 3.65% from Friday’s 3.82%. Treasury prices and yields move in opposite direction.
Oil prices gushed $3.74 to $83.23 U.S. a barrel.
Gold prices brightened $37.60 to $1,709.60 U.S. an ounce.
