Stock market today: Wall Street rallies to claw back some of last week's sharp loss
U.S. stocks climbed Monday to claw back some of the losses from their worst week in nearly a year and a half
NEW YORK (AP) — U.S. stocks climbed Monday to claw back some of the losses from their worst week in nearly a year and a half.
The S&P 500 rallied 1.2%, though it didn’t recoup all of its drop from Friday, let alone from the rest of the four-day losing streak that it broke. The Dow Jones Industrial Average rose 484 points, or 1.2%, and the Nasdaq composite gained 1.2%.
Boeing climbed 3.4% after reaching a tentative deal with its largest union on a new contract that, if ratified, will avoid a strike that threatened to shut down aircraft production by the end of the week. Boeing said 33,000 workers represented by the International Association of Machinists and Aerospace Workers would get pay raises of 25% over the four-year contract.
Nvidia and other Big Tech companies also returned to their long-held position of leading the market, at least briefly. Nvidia climbed 3.5% and was the strongest force pushing the S&P 500 upward. That cut into its 13.9% tumble last week, as questions continued about whether its stock price went too high in investors' frenzy around artificial intelligence, even if Nvidia has continued to top analysts’ expectations for growth.
