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.

GOLD PRICES BOUNCE BACK AS U.S. DOLLAR WEAKENS

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.

More By This Author:

Dow Looks To Reclaim Friday Losses As Stocks Rise
Dow Breaches 30K, Still Nabs Second-Straight Weekly Win
Stocks Skid Lower As Inflation Rally Fades