Stocks closed higher on Monday, with the Dow swinging to a 94-point gain within the final half-hour of trading, though the index was weighed down by finance and energy stocks for most of the day. Meanwhile, the Nasdaq logged a triple-digit pop, and the S&P 500 managed a muted win. A brief inversion in parts of the Treasury yield sparked some fears of another recession, but the main yield spread remained positive, allaying some of these anxieties. Meanwhile, investors kept a close eye on any updates between Ukraine and Russia, with peace talks set to continue this week.
The Dow Jones Average (DJI - 34,955.89) added 94.7 points, or 0.3% for the day. Microsoft (MSFT) led the gainers with a 2.3% gain, while Chevron (CVX) paced laggards with a 1.8% drop.
The S&P 500 Index (SPX - 4,575.52) added 32.5 points for the day, or 0.7%, while the Nasdaq Composite (IXIC - 14,354.90) rose 185.6 points, or 1.3% in today's session.
Lastly, the Cboe Market Volatility Index (VIX - 19.63) lost 1.2 points, or 5.7% for the day, marking its lowest settlement since Jan. 14.
CHINA'S RENEWED LOCKDOWNS PUT PRESSURE ON OIL PRICES
Oil prices saw a serious plummet on Monday, as renewed Covid-19 lockdowns in China spark concerns over demand. Optimism over a potential breakthrough in peace talks between Russia and Ukraine, meanwhile, eased some ongoing fears over supply shortages. For the day, the commodity dropped $7.94 or 7%, for the most active, front-month contract May delivery to settle at $105.96.
Gold inched lower as investors eyed talks between Ukraine and Russia, as well as the possibility of more sanctions on Russia, which could turn the commodity even more volatile. April-dated gold sank $14.40 or 0.7%, to close at $1,939.80 per ounce.
Comments
Log in or sign up to join the conversation.