S&P Rises to Extend 2-Week Comeback Otesanya David March 29, 2022

S&P Rises to Extend 2-Week Comeback

S&P Rises to Extend 2-Week Comeback


The S&P 500 rose on Monday, extending two weeks of gain, as investors shook off recession concerns and bid tech shares higher.

The Dow Jones Industrials recovered 94.65 points by the closing bell Monday at 34,955.89

The S&P 500 moved upward 32.46 points to 4,575.52.

The NASDAQ Composite hiked 185.6 points, or 1.3%, to 14,354.90, thanks to a 8% jump in Tesla.

Energy stocks slid alongside the price of oil. Chevron dropped 1.8% and Exxon Mobil fell 2.8%.

Tesla led technology shares higher after the EV maker said it wants to split its stock to pay a stock dividend. Tesla popped 8%. Other tech shares, which as a group have been among the worst performers so far this year, gained as well with Microsoft and Amazon higher.

Bank stocks ticked lower on Monday as the yield curve flattened. JPMorgan lost 0.8% and Wells Fargo fell 1.5%.

Investors continue to monitor developments in Russia’s war on Ukraine. Peace talks between the two nations are set to continue this week, with delegations from both countries traveling to Turkey on Monday.

A Kremlin spokesperson told reporters that discussions were likely to resume Tuesday.

Treasury prices gained some ground, lowering yields to 2.46% from Friday’s 2.48%. Treasury prices and yields move in opposite directions.

Oil prices tumbled $10.46 to $103.44 U.S. a barrel.

Gold prices lost $34.80 to $1,919.40 U.S. an ounce.


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