Stocks rise ahead of U.S. midterm elections, Dow closes more than 400 points higher
Stocks rallied Monday as investors looked ahead to a packed week with congressional midterm elections and key inflation data on deck over the next few days, and shrugged off a supply warning from Apple.
The Dow Jones Industrial Average traded higher by 423.78 points, or 1.31%, to 32,827.00. The S&P 500 gained 0.96% to 3,806.80. The Nasdaq Composite rose 0.85% to 10,564.52, after trading between gains and losses earlier in the session. All three major averages notched a second straight positive day.
Apple shares gained roughly 0.4%, despite falling more than 1% previously in the session, after the tech company said iPhone production has been temporarily reduced because of Covid-19 restrictions in China. Palantir shares, meanwhile, declined nearly 11.5% after the company posted disappointing quarterly results. Carvana tumbled about 15.6%.
Facebook parent Meta gained 6.5% following a Wall Street Journal report that said the company could start layoffs as soon as Wednesday.
The Stoxx 600 index ended up 0.3% provisionally, building on a busy week for markets last week, as central banks continued aggressive monetary tightening in a bid to rein in inflation.
Telecoms provider Millicom gained 10.2% in afternoon deals, topping the Stoxx 600, following news that investor Atlas Investissement had taken a 7% stake in the company.
Meantime, pharmaceutical and biotech company GSK sunk 4.1% after its blood cancer drug failed a major trial.
Source: CNBC, Investing.com