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U.S. stocks rose on Monday, rebounding from last week’s sell-off following strong Goldman Sachs earnings, hot retail data and hopes that the conflict in the Middle East won’t further escalate.
The Dow Jones Industrials regained 193.37 points to begin Monday at 38,117.21
The S&P 500 index jumped 21.4 points to 5,144.81.
The NASDAQ advanced 41.8 points to 16,216.90.
Goldman Sachs popped almost 5% after beating Wall Street expectations on both lines in the first quarter. JPMorgan shares gained nearly 2% in Monday’s session, erasing some losses after tumbling Friday amid concerns about what the financial giant may generate from lending in the year ahead.
Wall Street also got a boost from fresh economic data. Retail sales increased 0.7% for the month of March, providing the latest indication that consumption remains strong in spite of inflationary pressures. That pace was higher than the 0.3% consensus forecast of economists polled by Dow Jones.
Monday’s action also comes of the heels of a tough week on Wall Street, as lingering inflation concerns and a poor start to the new corporate earnings season weighed on traders. Both the Dow and S&P 500 saw their worst weekly performances since 2023.
Prices for the 10-year Treasury tumbled, raising yields to 4.65% from Friday’s 4.51%. Treasury prices and yields move in opposite directions.
Oil prices ducked 97 cents to $84.69 U.S. a barrel.
Gold prices dulled $9.70 to $2,364.40 U.S. an ounce.
