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The S&P 500 rose on Monday as the benchmark tries to continue its comeback from correction territory following a four-week rout on Wall Street exacerbated by President Donald Trump’s chaotic tariff policy rollout and falling consumer confidence.
The Dow Jones Industrials gained 189.12 points to kick off the week at 41,677.30
The much-broader index hiked 23.15 points to 5,662.09.
The NASDAQ took on 35.59 points to 17,780.34.
Netflix advanced $33.00, or 3.6%, to $851.00 on the back of MoffettNathanson’s upgrade to buy from neutral. The firm said Netflix can monetize more than previously expected, in turn growing profit.
Incyte fell $6.67, or 9.8%, to $61.19, after the release of phase three trial data for a skin condition treatment. Incyte said that the trials of its drug met the primary endpoints. However, the drug was effective for less than half of the participants who took it in the trials.
Helping sentiment was the February retail sales report, as traders breathed a sigh of relief that the figures weren’t worse. Retail sales increased 0.2% on the month, below the Dow Jones estimate for a 0.6% increase, according to the advanced reading Monday from the Commerce Department. But excluding autos, the increase was 0.3%, which was in line with economists’ expectations.
The S&P 500 closed in a correction on Thursday, down more than 10% from its record high in late February. It then soared 2% on Friday as investors snapped up beaten-up technology shares. Investors were continuing some of that tech buying on Monday with Nvidia and Palantir higher.
Prices for the 10-year Treasury eked higher Monday, lowering yields to 4.30% from Friday’s 4.32%. Treasury prices and yields move in opposite directions.
Oil prices added 62 cents to $67.80 U.S. a barrel.
Prices for gold subsided 40 cents an ounce to $3,000.78 U.S.
