Stocks surged on Monday, boosted by a decline in oil prices, as traders kept a close eye on technology shares after last week’s volatility.
The Dow Jones Industrial index blasted out of the blocks 811.58 points, or 1.6%, to 52,097.61.
The S&P 500 index accelerated 130.16 points to 7,376.92.
The tech-heavy NASDAQ staged a comeback climbing 264.43 points, or 1.1%, to 24,579.43.
Friday’s market partially rebounded from Thursday’s brutal AI-driven selloff, as chip stocks recovered on renewed buying. However, concerns linger in the wake of the Democrats’ strong midterm results, with investors fearing that tighter regulations on data center construction, energy use, and development costs could slow the AI infrastructure boom.
The tech sector also focused on the bombshell announcement Sunday that Nvidia’s board of directors is opening an investigation into co-founder and CEO Jensen Huang’s relationship with a businesswoman who U.S. intelligence agencies say is a Chinese spy. Nvidia shares were last down 6%.
Other chip stocks advanced, however, with Broadcom and Advanced Micro Devices each popping 5%. On Semiconductor also rose 3%.
Additionally, other “Magnificent Seven” names were higher contrary to Nvidia. Amazon gained 5%, while Tesla and Alphabet climbed more than 3%. Microsoft added 2%.
Prices for the 10-year Treasury hesitated, raising yields to Friday’s 4.86%. Treasury prices and yields move in opposite directions.
Oil prices withered $3.27 to $87.56 U.S. a barrel.
Gold prices recovered $56.50 to $4,131.40 U.S. an ounce.
