U.S. stocks closed on a firm note on Monday, recovering well after recent sharp losses, as investors looked ahead to more earnings updates and data on U.S. consumer and producer price inflation, due later in the week.
The major averages all closed higher. The Dow settled at 35,473.13, gaining 407.51 points or 1.16 percent, the best return in about seven weeks.
The S&P 500 ended with a gain of 40.41 points or 0.9 percent at 4,518.44, while the Nasdaq climbed 85.16 points or 0.61 percent to 13,994.40.
The Dow, the S&P 500 and the Nasdaq had shed 1.1 percent, 2.9 percent and 2.3 percent, respectively, last week.
Amgen shares climbed about 4 percent. Boeing rallied nearly 3 percent, and Johnson & Johnson gained 2.5 percent.
Alphabet shares gained 2.7 percent, and Meta Platforms advanced 1.8 percent. United Health, Caterpillar, Nike, Walmart, McDonalds, IBM, Visa, P&G, Merck, American Express and Coca-Cola advanced 0.8 to 1.6 percent.
Berkshire Hathaway shares gained about 2.5 percent after the company reported record quarterly operating profit.
Apple Inc. shares drifted down 1.7 percent, continued to be weighed down by the drop in revenues in the latest quarter. The company’s earnings, however, beat analyst estimates.
In overseas trading, Asian stocks ended flat to slightly lower on Monday as the dollar regained traction and Treasury yields climbed ahead of key inflation readings from China and the United States due this week.
Focus was also on earnings reports from some of the largest firms in Asia, with Chinese e-commerce giant Alibaba Group Holding, Japanese tech giants Sony Corp., SoftBank Group and Australian lender Commonwealth Bank of Australia set to unveil their financial results this week.
The major European markets ended flat on Monday after spending much of the day’s session in negative territory amid concerns about the outlook for global economic growth, ahead of China’s trade and inflation data, and the report on U.S. inflation.
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