Stocks Start October, Fourth Quarter Off Strong

Stocks were determined to kick off a new month and quarter on a positive note after closing out September on a whimper. The Dow rose 765 points to notch its first win in three sessions and registered its best single-session gain since May 4. The S&P 500 also scored a win of its own and logged its best day since July 27, although put traders remain out in droves. Meanwhile, the Nasdaq saw its best single-day percentage win since Aug. 10 as the 10-year U.S. Treasury yield cooled and the chip sector gained traction.

The Dow Jones Average (DJI - 29,490.89) added 765.4 points or 2.7% for the day. Chevron (CVX) led the gainers, adding 5.6%. Johnson & Johnson (JNJ) was the only loser with a 0.1% dip.

The S&P 500 Index (SPX - 3,678.43) rose 92.8 points, or 2.6% for the day. Meanwhile, the Nasdaq Composite (IXIC -10,815.43) gained 239.8 points or 2.3% for the session.

Lastly, the Cboe Volatility Index (VIX - 25.87) lost 0.3 points or 1.3% for the session.

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Oil prices skyrocketed on Monday, amid rumors that the Organization of the Petroleum Exporting Countries and their allies (OPEC+) will cut production by more than 1 million barrels per day. November-dated crude added $4.14, or 5.2%, to close at $83.63 per barrel.

Gold prices were also higher, extending last week's gains to finish at their highest level since mid-September as Treasury yields cooled. December-dated gold rose $30, or 1.8% to close at $1,702 an ounce.

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