Dow Jones Industrial Average closed higher for the third consecutive session, signaling a positive trend in the market. This news comes as a relief to investors who have been closely monitoring the stock market's performance amidst ongoing economic uncertainties.
The Dow's upward trajectory can be attributed to several factors. Firstly, positive earnings reports from major companies have boosted investor confidence. Companies such as Apple and Microsoft reported better-than-expected profits, indicating a strong recovery in the tech sector. Additionally, progress in COVID-19 vaccine distribution has provided hope for an economic rebound, leading to increased investment activity.
After the opening bell, the Dow Jones Industrial Average lost 0.4%, while the S&P 500 gained 0.35%. The tech-heavy Nasdaq composite rose 1% in morning action.
Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) was up 1%, while the SPDR S&P 500 ETF (SPY) moved up 0.3%.
The 10-year Treasury yield rose to 4.05% Monday after closing Friday at 4.04%, its highest close since Dec. 12. Also, oil prices fell after last week's gains, as West Texas Intermediate futures dropped more than 3% Monday morning. WTI futures moved below $72 a barrel.
Dow Jones Industrial Average rose 24.09 points, or 0.07 per cent, to 37,464.43.
European stocks fell on Monday, dragged down by energy shares. The pan-European STOXX 600 was down 0.3 per cent by 0915 GMT.
To be sure, the S&P 500 also has been knocking on the door of record territory, ending Monday less than 0.7% away from its prior closing record of 4,796.56, set on Jan. 3, 2022, according to Dow Jones Market Data.
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Speaking on Saturday, Dallas Fed President Lorie Logan said it was too early to take rate increases off the table as inflation remained above the 2% target and "a premature easing of financial conditions could allow demand to pick back up."
Brent crude slid 4.2 per cent, or $3.38, to $75.38 a barrel by 1440 GMT while US West Texas Intermediate crude futures lost 4.7 per cent, or $3.52, to $70.29.
On Sunday, Saudi Arabia reduced the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months on rising supply and competition with rival producers.
Gold prices fell on Monday, pressured by dollar strength and elevated treasury yields.
Spot gold was down more than 1 per cent at $2,023.49 per ounce by 9:41 am ET (1441 GMT). US gold futures fell 0.9 per cent to $2,029.80.
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