Stocks surge to kick off October and a new quarter as bond yields tumble, Dow closes up 760 points; European stocks close higher; Credit Suisse down 1% after wild trading session
Stocks rallied Monday to start the new month and quarter, as Treasury yields eased from levels not seen in roughly a decade.
The Dow Jones Industrial Average ended the day 765.38 points, or nearly 2.7%, higher at 29,490.89. The S&P 500 rose about 2.6% to 3,678.43, after falling Friday to its lowest level since November 2020. The Nasdaq Composite advanced nearly 2.3% to end at 10,815.43.
Tesla shares dropped 8.2% after the electric vehicle maker said it delivered 343,000 vehicles in the third quarter, less than analysts expected. Wall Street analysts were divided over the report, however.
Peloton shares rose more than 6% after the exercise-equipment company announced it will put bikes in all 5,400 Hilton-branded hotels in the U.S. as it tries to engineer a turnaround.
The pan-European Stoxx 600 index provisionally closed up by 0.7%, having recouped early losses of more than 1.3%. Oil and gas stocks added 3.1% to lead gains while food and beverages fell 1.2%.
Credit Suisse shares were down 5% by mid-afternoon on Monday, having recovered some of their earlier losses, as market jitters over the Swiss bank’s capital position persisted after a spike in credit-default swaps.
Source: CNBC, Investing.com