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Stocks rose Monday as investors weighed a pause in hostilities between the U.S. and Iran, even as a sudden swing in technology names dampened their rally.
The Dow recovered 386.47 points to 52,262.58.
The much-broader index hiked 46.62 points to 7,400.64.
The NASDAQ hurtled higher 253.83 points to 25,551.44.
Investors unloaded shares of Micron and other artificial intelligence-linked chips stocks, causing the overall market to lose steam after it surge shortly after the bell.
Comcast shares, meanwhile, rallied 9% after it said it will spin off its media and tech businesses into two publicly traded companies. The separation is expected to be completed in about a year.
The U.S. and Iran agreed Sunday to pause hostilities and allow commercial vessels to transit the Strait of Hormuz freely, following a weekend of military exchanges that threatened to derail negotiations aimed at ending their conflict.
Prices for the 10-year Treasury dipped, raising yields to 4.38% from Friday’s 4.37%. Treasury prices and yields move in opposite directions.
Oil prices captured $1.22 to $70.45 U.S. a barrel.
Gold prices faltered $56.40 to $4,039.70 U.S. an ounce.
