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The Dow Jones Industrial Average 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 will not escalate further.
The 30-stock average regained 161.35 points to pause for lunch Monday at 38,144.59
The S&P 500 index jumped 17.02 points to 5,140.45.
The NASDAQ advanced 19.81 points to 16,194.91, hurt by a drop of more than 5% in Salesforce.
Goldman Sachs popped almost 4% after beating Wall Street expectations on both lines in the first quarter. JPMorgan shares gained almost 1% in Monday’s session, regaining some ground 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 4.64% from Friday’s 4.51%. Treasury prices and yields move in opposite directions.
Oil prices ducked $1.16 to $84.50 U.S. a barrel.
Gold prices dulled $6.70 to $2,367.40 U.S. an ounce.
