Stocks close higher, Dow pops 370 points ahead of Tuesday’s inflation report
Stocks rose Monday as traders looked ahead to Tuesday’s key inflation report, regaining their footing after the S&P 500 and Nasdaq Composite suffered their worst weekly declines in nearly two months.
The Dow Jones Industrial Average closed 376.66 points higher, or 1.11%, to end the session at 34,245.93, its best day in February. The S&P 500 climbed 1.14% to close at 4,137.29, and the Nasdaq Composite advanced 1.48% to 11,891.79.
Meta advanced more than 3% following a Financial Times report saying more layoffs could come.
The outlet reported that multiple teams have faced delays when finalizing budgets as it prepares for another round of cuts. In November, the Facebook parent announced it was laying off around 11,000 employees, which equates to 13% of its staff.
Shares of Palantir popped in extended trading Monday after the company released fourth-quarter earnings that beat analysts’ estimates on top and bottom lines.
Swedish aerospace and defense firm Saab topped European stocks in afternoon trade, up 7.2% on the day. On Friday the company reported net income was up 51% in 2022 and said the war in Ukraine would result in more orders.
Source: CNBC, Investing.com