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Stocks rallied Monday to start the new month and quarter, as Treasury yields eased from levels not seen roughly a decade.
The Dow Jones Industrials galloped 537.55 points, or 1.9%, to 29.263.01.
The S&P 500 resurfaced 57.83 points, or 1.6%, to 3,643.45.
The NASDAQ Composite ascended 106.14 points, or 1%, to 10,682.76.
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.
Energy stocks were the top gainers in the S&P 500 Monday morning as oil price jumped, after they’d been slumping since June. The sector was higher by 4.6%.
Marathon Oil gained about 7%. APA Corp., Devon Energy and Halliburton rose about 6% each. Diamondback Energy, Conocophillips and Occidental advanced by about 5% each.
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 hiked, lowering yields to 3.66% from Friday’s 3.82%. Treasury prices and yields move in opposite direction.
Oil prices gushed $4.44 to $83.93 U.S. a barrel.
Gold prices brightened $15.70 to $1,687.70 U.S. an ounce.
