NFLX - Stocks Rally to Start Week
Stocks closed higher Monday as traders awaited a deluge of corporate earnings reports and shrugged off a rise in Treasury yields.
The Dow Jones Industrials heightened 313.39 points to close Monday at 33,983.68.
The S&P 500 index grew 45.85 points, or 1.1%, to 4,373.63.
The NASDAQ index catapulted 160.75 points, or 1.2%, at 13,567.98.
Nike led the Dow higher on Monday with an advance of 2.4%. All 11 S&P 500 sectors traded higher in the session.
Earnings season heats up this week with 11% of the S&P 500 slated to report results. Some notable names on deck this week include Johnson & Johnson, Bank of America, Netflix and Tesla.
Those results follow a solid start to the reporting period. Brokerage Charles Schwab rallied more than 4% on Monday after surpassing Wall Street expectations for earnings per share in the third quarter. JPMorgan Chase, Wells Fargo and UnitedHealth rose Friday after posting their latest quarterly results.
Some on Wall Street are bracing for more volatility into year-end as yields and oil prices rise, inflation remains sticky, and conflict ensues in the Middle East. But a focus on earnings and what the Federal Reserve will do with interest rates can give investors optimism in the short term.
Prices for the 10-year Treasury sagged, raising yields to 4.71% from Friday's 4.62%. Treasury prices and yields move in opposite directions.
Oil prices dumped 83 cents to $86.86 U.S. a barrel.
Gold prices sank $9.10 to $1,932.40.