NEW YORK — The Dow Jones Industrial Average leaped 1,104 points on Monday as U.S. stocks rallied and recovered most of last week’s big loss, according to The Associated Press.
Oil prices swung lower, and that helped. The S&P 500 jumped 2.3% for a second straight gain, its best day since April, leaving it 3.4% below the all-time high it set last month.
The gain followed a wipeout driven by worries that Democratic victories in the midterm elections could slow the construction of AI data centers.
By the close, the numbers were these. The S&P 500 was up 173.08 points, at 7,549.94. The Dow closed at 52,389.75, up 1,104.02 points, or 2.2%, and the Nasdaq composite ended 673.71 points higher, up 2.7%, at 25,253.14.
A barrel of Brent crude lost 5.8% of its value and settled at $92.57. It has been coming down from more than $112 at the start of the month, amid uncertainty about what will happen with the war with Iran.
President Donald Trump told CNN over the weekend that a resumption of strikes is “highly unlikely” if the United States sees progress in negotiations. Secretary of State Marco Rubio said on Sunday that Iranian demands for ending the war had sometimes been “outrageous and ridiculous.”
AI shares rebound while Nvidia falls
Strong profit reports from big companies helped too. Constellation Energy climbed 10.5% after its profit and revenue for the summer topped analysts’ expectations.
Advanced Micro Devices rose 13.3% and recovered its 11% loss from last week. CoreWeave climbed 5.6% after tumbling 15.4% last week.
Nvidia fell 4.3%. The company is investigating CEO Jensen Huang, and its board said it has “no reason to believe” that national security or Nvidia secrets were compromised. Guo Jiakun, a spokesman for China’s Foreign Ministry, called the allegations “nothing but smears against China.”
Markets abroad mostly rose. France’s CAC 40 gained 1.2%, Japan’s Nikkei 225 jumped 2.3%, and Seoul’s Kospi was the exception, down 0.8%. Treasury yields barely moved. The 10-year yield ticked up to 4.87%, from 4.86% late Friday.
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