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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 galloped 591.36 points, or 2.1%, to 29,316.87.
The S&P 500 soared 64.62 points, or 1.8%, to 3,650.24.
The NASDAQ Composite ascended 137 points, or 1.3%, to 10,712.62.
Shares of Viasat jumped 39% on Monday morning after defense contractor L3 Harris announced a deal to acquire the communications company’s tactical data links business. The deal is for just under $2 billion, the companies announced.
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.
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 3.62% from Friday’s 3.82%. Treasury prices and yields move in opposite direction.
Oil prices gushed $3.31 to $82.80 U.S. a barrel.
Gold prices brightened $28.70 to $1,700.70 U.S. an ounce.
Stocks Perk to Begin October
