Nasdaq Logs Best Day Since Late July

Stocks started the week strong, with the Dow adding 551 points and reclaiming the psychologically significant 30,000 level. Both the S&P 500 and Nasdaq racked up big wins as well, the latter logging its best single-session gain since July 27. Investors are unpacking the opening salvo of earnings season; Bank of America (BAC) was among the first to report, with tech giants and blue-chip names to follow later this week.

The Dow Jones Average (DJI - 30,185.82) added 551 points or 2.8% for the day. JPMorgan Chase (JPM) led the gainers, adding 4.2%. Walgreens Boots Alliance (WBA) was the only blue-chip stock in the red, shedding 0.7%.

The S&P 500 Index (SPX - 30,185.82) rose 94.9 points or 2.6% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,675.80) gained 354.4 points or 3.4% for the session.

Lastly, the Cboe Volatility Index (VIX - 31.37) dropped 0.7 points or 2% for the session.

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Oil prices settled lower on Monday, as recession fears and the prospect of aggressive interest rate hikes continued to weigh on the commodity. November-dated crude fell 15 cents, or 0.2%, to finish at $85.46 per barrel, extending last week's losses.

Meanwhile, gold prices finished higher, bouncing off their lowest close this month. The precious metal enjoyed tailwinds from a weaker U.S. dollar and cooling bond yields. December-dated gold added $15.10, or 0.9%, to close at $1,664 an ounce.

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