Losing Streak Over for Dow, S&P

The Dow Jones Industrial Average gained Monday as the index rebounded from a five-day losing streak.

The 30-stock index climbed 261.91 points to conclude Monday at 34,869.63.

The S&P 500 acquired 10.15 points to 4,468.73. The two major indexes both finished the day positive for the first time in the past six sessions.

The NASDAQ Composite dropped 9.91 points, to 15,105.58, for a fourth consecutive down day.

The blue-chip average’s bounce comes after the Dow and the S&P posted a fifth straight day of losses Friday, while the NASDAQ registered its third consecutive negative session. For the S&P 500, Friday marked its worst losing streak since February 22.

COVID cases reached a seven-day average through Friday of about 136,000, down from 157,000 average new cases at the end of August, according to the CDC. Pfizer’s COVID vaccine could be authorized for children by the end of next month.

Eight out of 11 S&P sectors were positive Monday, led by energy. APA Corp, Marathon Oil and Occidental Petroleum were the top three gainers on the S&P 500 with other energy stocks also lifting up the index.

Names linked to the reopening also gained. Delta Air Lines and Carnival Corp edged higher. Traditional cyclical plays GM and Citigroup rose.

Nike shares fell after BTIG downgraded the stock citing supply chain challenges caused by the pandemic. Production issues could significantly impact Nike’s holiday sales, BTIG said.

Prices for 10-Year Treasurys jumped, lowering yields to 1.33% from Friday’s 1.34%. Treasury prices and yields move in opposite directions.

Oil prices took on 93 cents to $70.65 U.S. a barrel.

Gold prices moved forward $2.50 to $1,794.80 U.S. an ounce.