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Stocks jumped on Monday, recovering from last week’s losses as chipmakers jumped.
The Dow Jones Industrials leaped 314.46 points to 43,046.59.
The S&P 500 spiked 71.67 points, or 1.2%, to 6,014.14.
The NASDAQ Composite popped 333.30 or 1.7%, to 19,958.97.
Chip stocks led the session’s gains after Foxconn announced record fourth-quarter revenue. Nvidia jumped nearly 5%, putting the chipmaker on track for a record close. Broadcom gained 2%, while Micron Technology advanced more than 11%.
Also aiding market sentiment on Monday is a Washington Post report saying President-elect Donald Trump’s tariff plan would be narrower than anticipated. According to the report, the levies would only cover critical imports. Trump called for “universal” tariffs as high as 10%-20% during his campaign.
Ford shares gained 1.8% and General Motors shares gained 4.2%, on optimism a more restrained tariff policy from Trump wouldn’t spark a global trade war.
Investors are entering another shortened trading week – which will wrap the next of the first five January trading days – on a wobbly note and with lingering concerns about the Federal Reserve’s interest rate projections. The New York Stock Exchange will be closed Thursday to mourn the death of former President Jimmy Carter.
Prices for the 10-year Treasury dropped, raising yields to 4.61% from Thursday’s 4.60 %. Treasury prices and yields move in opposite directions.
Oil prices eked up 11 cents to $74.07 U.S. a barrel.
Prices for gold declined $3.20 an ounce to $2,651.50 U.S.
