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The S&P 500 climbed alongside the NASDAQ Composite on Monday for back-to-back wins, as Wall Street rebounded from a losing week and chipmakers surged.
The Dow Jones Industrials retreated 25.57 points to 42,706.56.
The S&P 500 tacked on 32.91 points to 5,975.38.
The NASDAQ Composite popped 243.30 or 1.2%, to 19,864.98.
Market sentiment on Monday was also boosted by a Washington Post report saying President-elect Donald Trump’s tariff plan would be narrower than anticipated, covering only critical imports. Trump called for “universal” tariffs as high as 10%-20% during his campaign.
Ford took on 1% and General Motors shares gained less than 3%, respectively, 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 sat 52 cents to $73.44 U.S. a barrel.
Prices for gold declined $9.20 an ounce to $2,645.50 U.S.
