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Stocks rose on Monday after Senate lawmakers took a critical step towards a potential deal to end the historic U.S. government shutdown.
The Dow Jones Industrials moved skyward 166.36 points to 47,083.46
The S&P 500 jumped 65.56 points, or 1%, to 6,794.36.
The NASDAQ soared 379.20 points, or 1.7%, to 23,383.73.
Nvidia, Broadcom and other artificial intelligence bull market leaders led the gains as a possible end to the shutdown put investors in a risk-taking mood again.
Those stocks led the broader market lower last week as those on Wall Street grew worrisome about elevated valuations in the AI trade.
Microsoft shares also rose more than 1%, on pace to snap and eight-day losing streak. That’s the stock’s longest daily slide since 2011.
Investors continue to monitor lawmakers’ negotiations to pass a federal funding bill that would end a shutdown.
A procedural measure that allows other votes on the agreement to be held on Monday was approved by a minimum of 60 yes votes, after eight senators in the Democratic caucus broke with party leadership to support the deal.
The deal being would reopen the government into January and reverse some of the recent mass federal layoffs. It also includes future protections for government workers.
The agreement does not include an extension of ACA credits, a key sticking point for most Democrats, but it would call for a vote on the subsidies in December.
Prices for the 10-year Treasury fell, raising, yields to 4.11% from Friday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices slid 12 cents to $59.63 U.S. a barrel.
Gold prices leaped $93.60 to $4,103,800. U.S. an ounce.
