The Dow Jones Industrial Average surged more than 1,000 points Monday as technology shares recovered from last week’s sell-off and oil prices fell.
By about 2:23 p.m. Eastern, the Dow was up 1,079 points, or 2.1%, at 52,365. The S&P 500 had gained 2.3% to 7,545, and the Nasdaq Composite had climbed 2.6% to 25,207. These figures reflect trading in progress. The Dow was up 733 points shortly before 10 a.m., according to CNBC, and the gains built through the day. CNBC also reported that the Dow had moved back above its Election Day close.
The rally follows a bruising week in which the Nasdaq fell into correction territory and the S&P 500 lost 2.7%.
Chipmakers were among the biggest gainers. Advanced Micro Devices rose 12.6% and Broadcom gained 8.4%. Reuters reported that brokerages including Morgan Stanley and UBS described last week’s drop in AI-related shares as overdone, and nine of the 11 S&P 500 sectors were higher early in the session.
Nvidia moved the other way, falling 5.6% to $176.26 after sinking as low as $171.25 earlier in the session. The company’s board said Sunday it is opening an independent investigation following reports that its chief executive had been targeted by foreign intelligence. The board said it has no reason to believe national security or company secrets were compromised, and that it has confidence in him.
Oil added support. Brent crude fell 4.8% to about $94 a barrel, and the Cboe Volatility Index dropped about 21% to near 20.
Investors will watch whether the gains hold through the close and how markets respond to Tuesday’s October consumer price report.
