Dow Gains 238 Points as Big Tech Lags
S&P 500 and Dow rallied on Monday while the Nasdaq lagged.
The Dow and broader U.S. stock market finished mostly higher on Monday, though volatile tech stocks weighed on the Nasdaq.
Wall Street’s major indices were mixed at the close, with the Dow Jones Industrial Average (DIA) gaining 238.38 points, or 0.7%, to 34,113.23.
The broad S&P 500 Index (SPY) of large-cap stocks finished with a gain of 0.3% at 4,192.65. Gains were concentrated in six of 11 primary sectors, with energy leading the rally.
Meanwhile, the technology-focused Nasdaq Composite Index (QQQ) declined 0.5% to settle at 13,895.12.
A measure of implied volatility known as the CBOE VIX (VXX) declined on Monday. The so-called “investor fear index” reached an intraday low of 17.80 on a scale of 1-100, where 20 represents the historical average. It would eventually settle down 2.4% at 18.17.
In commodities, oil prices rose on Monday, with U.S. West Texas Intermediate futures gaining 83 cents, or 1.3%, to $64.41 a barrel on the New York Mercantile Exchange. Brent, the international futures contract, gained 73 cents, or 1.1%, to $67.49 a barrel.
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In precious metals, gold prices rallied on Monday, as the June futures contract gained $25.50, or 1.4%, to $1,793.20 a troy ounce on the Comex division of the New York Mercantile Exchange. Silver futures gained $1.12, or 4.3%, to $27.00 a troy ounce.
The Final Word: Despite a few misses, first-quarter earnings season is shaping up better than expected. According to the latest available data from FactSet, 77% of S&P 500 companies have reported a positive earnings surprise in Q1.