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Tech Stocks Lead Wall Street Higher to Start the Week

The Dow Jones, S&P 500 and Nasdaq Composite rose to start the week.

The Dow and broader U.S. stock market rose sharply on Monday, as upbeat tech earnings lifted the major indices to fresh gains.

Wall Street’s major indices were higher at the close, with the Dow Jones Industrial Average (DIA) rising 405.99 points, or 1.2%, to 35,131.46.

The broad S&P 500 Index (SPY) of large-cap stocks rose 1.9% to settle at 4,515.45. Most sectors finished in positive territory.

Meanwhile, the technology-focused Nasdaq Composite Index (QQQ) gained 3.4% to settle at 14,239.88.

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 25.20 on a scale of 1-100, where 20 represents the historical average. It would eventually settle down 8.2% at 25.38.

In commodities, oil prices rose on Monday, as U.S. West Texas Intermediate gained $1.04, or 1.2%, to $87.86 a barrel on the New York Mercantile Exchange. Brent, the international futures contract, rose $1.14, or 1.3%, to $91.17 a barrel.

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In precious metals, gold prices rose, as the April futures contract gained $11.90, or 0.7%, to $1,798.50 a troy ounce on the Comex division of the New York Mercantile Exchange. Silver futures climbed 15 cents, or 0.7%, to trade at $22.45 a troy ounce.

The Final Word: In economic data, the Chicago purchasing managers’ index improved to 65.2 in January from 64.3 the previous month. The Dallas Fed manufacturing business index weakened to 2 in January from 7.8 in December.