U.S. stocks surged on Monday, with the S&P 500 posting its best session since April, as shares tied to artificial intelligence rebounded from last week’s sell-off and oil prices fell.
The S&P 500 closed up 173.08 points, or 2.35%, at 7,549.94. The Dow Jones Industrial Average gained 1,104.02 points, or 2.15%, to 52,389.75, and the Nasdaq Composite rose 2.74% to 25,253.14. That left the Nasdaq 8.5% below its Oct. 6 closing high, less than the 10% drop that defines a correction. The Russell 2000 climbed 3.15%.
Chip and AI infrastructure names led. Advanced Micro Devices rose 13.3%, Monolithic Power Systems 16.6% and Coherent 16.8%. Nvidia closed down 4.3% at $178.67 after its board said it had opened an independent investigation following reports that its chief executive had been targeted by foreign intelligence.
Airlines and cruise operators gained as crude fell, while energy producers declined, CNBC reported. Brent crude settled at $92.57 a barrel, down 5.85%. The Cboe Volatility Index dropped 22% to 19.92.
Investors now turn to Tuesday’s October consumer price report, the last CPI reading before the Federal Reserve’s Dec. 8-9 meeting.
