Stocks Dig Way Out

U.S. equities rose on Monday as the rally on Wall Street looked to continue its bounce and traders prepared for a big week for retail earnings.

The Dow Jones Industrials sailed higher 120.7 points to break for lunch at 33,881.75

The S&P 500 recovered 9.08 points to 4,289.23

The NASDAQ Composite picked up 46.08 points, or to 13,093.27.

Monday’s moves come after disappointing economic data out of China overnight. The country’s central bank also cut rates unexpectedly, raising concern over China’s economic recovery.

Stocks opened the session lower, led by declines in energy and financials, before rebounding into positive territory.

Consumer staples, communication services and consumer discretionary moved higher, while Tesla pulled technology into positive territory. Disney gained on news of hedge fund manager Dan Loeb’s fresh stake.

Investors are looking ahead to a week of earnings from big retailers including Home Depot, Walmart and Target, and listening for clues on how their businesses have been affected by inflation and other macro challenges in the most recent quarter.

Treasury prices were up, lowering yields to 2.79% from Friday’s 2.84%.

Oil prices tumbled $3.39 to $88.70 U.S. a barrel.

Gold prices fell $20.50 to $1,795.00 U.S. an ounce.