Ticker: Wall Street climbs to kick off a big week for earnings reports
U.S. stocks climbed Monday and clawed back a chunk of their losses from last week, which was the worst for the S&P 500 in more than a year.
The S&P 500 rose 0.9% to recover more than a quarter of last week’s rout. The Dow Jones Industrial Average added 253 points, or 0.7%, and the Nasdaq composite jumped 1.1%.
The rally was widespread, and most stocks across Wall Street rose. In the S&P 500, technology stocks led the way to bounce back from their worst week since the COVID crash of 2020.
Nvidia leaped 4.4%, and Alphabet climbed 1.4% as Treasury yields stabilized in the bond market. Last week, a jump in yields cranked up the pressure on stocks, particularly those seen as the most expensive and making their investors wait the longest for big growth.
Bank stocks were also strong following some encouraging profit reports. Truist Financial rallied 3.4% after its profit for the start of the year topped analysts’ expectations.
They helped offset a 3.4% drop for Tesla, which announced more cuts to prices over the weekend. Elon Musk’s electric-vehicle company has seen its stock drop more than 40% already this year, and it will report its first-quarter results on Tuesday.
It’s a big week for earnings reports generally, with roughly 30% of the companies in the S&P 500 scheduled to say how much they made during the year’s first three months.