Archive: Arild Vågen / Wikimedia Commons / CC BY-SA 4.0
NEW YORK – U.S. stocks pushed higher in afternoon trading Monday, with the Dow Jones Industrial Average up about 1,220 points, or 2.4%, between roughly 2:48 and 2:59 p.m. Eastern time. The S&P 500 was up about 2.6% and the Nasdaq about 3%. These are intraday moves, not closing figures, and they can change before the 4 p.m. bell.
Oil fell further. West Texas Intermediate crude traded near $85 a barrel, down about 6%, and Brent near $91, down about 7%. The two moves happened on the same day. We are not saying one caused the other.
Chip and tech shares led. AMD rose about 13% and Broadcom about 9%. Tesla gained about 6%, Amazon and Microsoft about 3% each, and Alphabet about 1%. Nvidia fell about 5%. Earlier in the session, the stock was weighed down by the board’s investigation of its chief executive.
Context: the Dow is now above its Election Day close, while the S&P 500 and Nasdaq are still below theirs. Stocks fell last week, so Monday’s gains are recovering part of that drop.
Why it matters: a rally of this size in a single session moves retirement accounts and index funds, and cheaper oil eases pressure on fuel costs. Still unknown: where the indexes finish, and whether the buying holds into Tuesday.
File photo: the New York Stock Exchange on Wall Street, taken in August 2017. It does not show Monday’s trading.
JBizNews Desk | New York
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