A late wave of buying left major indexes higher on Wall Street after another day of up-and-down trading. A rebound in technology stocks helped turn things around in the last hour of trading Monday. The S&P 500 rose 24.34 points, or 0.6%, to 4,296.12. The Dow Jones Industrial Average rose 238.06 points, or 0.7%, to 34,049.46. The tech-heavy Nasdaq rose 165.56 points, or 1.3%, to 13,004.85. The S&P 500 is coming off a three-week losing streak amid worries about high inflation and the rapid increase in interest rates the Federal Reserve is likely to prescribe for it, the AP reports.
Energy companies were among the biggest losers as U.S. crude oil prices slipped 2.9%. Exxon Mobil fell 3.4%. Banks and industrial stocks stocks also fell. Communications stocks were leading the way upward. Twitter jumped 6% to $51.70. after the social media company agreed to be taken private by Tesla CEO Elon Musk for $54.20 a share, or about $44 billion. Tesla shares dipped 0.7% amid concerns that Musk might be distracted by the new acquisition, MarketWatch reports.
Investors are in the midst of one of the most important stretches of the earnings season. Apple, Microsoft, Amazon, and the parent companies of Facebook and Google are all on deck to report this week. And because they're among the biggest companies by market value, their movements hold the most sway over the S&P 500. Earlier Monday, US stocks had been on track to follow global markets lower, especially in China, over worries that strict lockdown measures there might crimp the world’s second-largest economy and potentially hurt global economic growth. (More stock market stories.)
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