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The S&P 500 rose on Monday, boosted by technology stocks, while the Dow Jones Industrial Average reached new heights as investors awaited critical economic data and another batch of earnings reports following a volatile week that ended with the 30-stock index reaching a key milestone.
The 30-stock index gained 20.2 points, to 50,135.87
The much-broader index gained 32.52 points to 6,964.82.
The NASDAQ popped 207.46 points to 23,238.67.
Nvidia and Broadcom were standouts yet again Monday, extending their gains from the previous session, Nvidia with an advance of and Broadcom gaining 3.3%. Shares of fellow artificial intelligence player Oracle were up 9.6% after receiving an upgrade to buy from neutral at D.A. Davidson due to optimism around OpenAI and its beneficiaries.
The developments come after the major averages rebounded Friday, with the Dow exceeding 50,000 for the first time ever, following sizable losses suffered earlier in the week. The rout was sparked by a sell-off in tech, led by software stocks. Bitcoin also plunged before recovering a bit as investors took a risk-off posture.
Shares of Oracle were up 8% after receiving an upgrade to buy from neutral at D.A. Davidson due to optimism around OpenAI and its beneficiaries.
Investors will be watching for the delayed January jobs report from the Bureau of Labor Statistics, which is due out Wednesday. The release was initially scheduled for last Friday but was postponed due to the partial government shutdown.
It also comes after ADP reported last week that private payrolls increased by a mere 22,000 in January, well below expectations. Economists polled by Dow Jones anticipate the closely watched jobs report will show a gain of 55,000 in January.
The January consumer price index reading — which was also delayed by the shutdown — is due out Friday, with the consensus looking for a 2.5% annual rate.
Prices for the 10-year Treasury gained slightly, lowering yields to 4.20% from Friday’s 4.21%. Treasury prices and yields move in opposite directions.
Oil prices took on 75 cents to $64.90 U.S. a barrel.
Gold prices spiked $127.10. to $5,106.90 U.S. an
