Stock Market Today: Dow Jumps 1,104 Points, the S&P 500 Has Its Best Day Since April and the Nasdaq Gains 2.74 Percent
Wall Street won back most of last week's losses on Monday: cheaper oil, a chip-stock rebound and the S&P 500's best day since April 8 — with Nvidia, under a board investigation, the one big name going the other way.
AUSTIN — U.S. stocks rallied hard on Monday, recovering most of last week's losses in a single session. The Dow Jones Industrial Average rose 1,104.02 points, or 2.15 percent, to close at 52,389.75; the S&P 500 gained 173.08 points, or 2.35 percent, to 7,549.94 — its best day since April 8; and the Nasdaq Composite advanced 673.71 points, or 2.74 percent, to 25,253.14, according to the Associated Press's closing figures.
Two forces did the lifting, Reuters reported: crude oil fell after President Donald Trump said new strikes on Iran are "highly unlikely" if talks progress, easing inflation fears, and chip stocks bounced after their worst week in more than a year. The Philadelphia Semiconductor Index rose about 6.9 percent after plunging more than 12 percent last week; AMD jumped about 13 percent after Oppenheimer upgraded the stock, and Broadcom gained nearly 9 percent. All 11 S&P 500 sectors finished higher, led by industrials and consumer discretionary.
The exception was the market's biggest AI name. Nvidia fell about 4.3 percent after the company said its board had opened an independent investigation involving CEO Jensen Huang — a decline that stood out precisely because almost everything around it rose, and a reminder that Monday repaired the week, not the month: the Nasdaq remains well below its October high.
The week's next test comes quickly: the Labor Department releases the October Consumer Price Index on Tuesday and the Producer Price Index on Friday, the two inflation readings that will tell investors whether Monday's oil-driven relief holds.
