US stocks closed higher Monday as some of last week's moves driven by worries about war in the Middle East unwound.
- The S&P 500 rose 45.85 points, or 1.1%, to 4,373.63.
- The Dow Jones Industrial Average rose 314.25 points, or 0.9%, to 33,984.54.
- The Nasdaq composite rose 160.75 points, or 1.2%, to 13,567.98.
Treasury yields climbed after falling last week on worries that fighting in Gaza will escalate. The price of gold also slipped as last week's flight toward safer investments waned, the
AP reports. Oil prices were lower after a volatile week spurred by worries that the war could lead to disruptions to supplies from Iran or other big crude producers.
Financial markets have a history of weakening initially after a geopolitical shock, such as a war, only to reassert themselves and eventually move with corporate profits, economic growth and other long-term fundamentals, according to Mark Hackett, chief of investment research at Nationwide. "Investors should remember that markets are very resilient, have endured countless wars, recessions, and depressions, and have rewarded long-term investors with a well-crafted financial plan," he said. More than 50 companies in the S&P 500 will tell investors this upcoming week how much they made during the summer, including Bank of America, Johnson & Johnson, and Tesla.
On Wall Street, shares of Lululemon jumped 10.3%, close to a two-year high, in their first trading after S&P Dow Jones Indices said the apparel company will join its widely tracked S&P 500 index. It's replacing Activision Blizzard, which was bought by Microsoft. Pfizer rose 3.6% after it announced a cost-cutting program that it said will save at least $1 billion in 2023. The pharmaceutical giant also said its COVID products will make $9 billion less in revenue over this year than it earlier expected. Charles Schwab rose 4.7% after it reported stronger profit for the three months through September than analysts expected.
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