NEW YORK: Wall Street stocks rose Monday as investors geared up for a busy week in tech earnings and US economic data, while oil prices tumbled.
Minutes into the start of trading, the Dow Jones Industrial Average jumped 0.7 percent to 42,408.72.
The broad-based S&P 500 Index added 0.6 percent to 5,840.12, and the tech-focused Nasdaq Composite Index climbed 0.6 percent to 18,636.48.
The strong opening was likely “due mostly to the collapse in oil prices,” said Peter Cardillo of Spartan Capital Securities.
Wall Street Week Ahead: Stocks rally faces gauntlet of tech earnings, jobs data, election
That slide came as markets breathed a sigh of relief after Israeli strikes on Iran avoided its energy infrastructure.
Markets are also eyeing the earnings reports of major tech companies this week including Apple, Amazon and Facebook-parent Meta.
“It’s a decisive week in terms of where the market may be headed in the short term,” Cardillo added.
The United States will be reporting its third quarter GDP growth estimate this week too, and its labor market report – which is closely watched for its bearing on the central bank’s interest rate policy.
Among individual companies, Amazon shares were up 1.0 percent in early trading while Apple gained 0.8 percent.
Aviation giant Boeing, which announced a stock offering that is expected to raise up to $19 billion, saw its shares slide 1.9 percent.
Boeing last week reported a major quarterly loss and has been reeling from a workers’ strike.
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