Stocks close higher following worst week of 2023
Stocks rose Monday as traders tried to recover some ground following the worst week of the year on Wall Street. Investors also looked ahead to another big week in retail earnings.
The Dow Jones Industrial Average gained 72.17 points, or 0.22%, to close at 32,889.09. The S&P 500 was up 0.31% at 3,982.24, and the Nasdaq Composite rose 0.63% to 11,466.98.
The moves came as Treasury yields eased, following a jump on Friday after a hotter-than-expected reading from the Federal Reserve’s favorite inflation metric.
Shares of Altria Group fell as much as 1.4% midday Monday after a Wall Street Journal report said it’s in advanced talks to buy electronic cigarette and vaping startup NJOY Holdings for “at least” $2.75 billion.
The move would come after Altria lost 95% of its $13 billion investment in vaping products maker Juul.
Shares of the electric vehicle startup surged more than 27% after Fisker maintained its 2023 vehicle production target and said it spent less than anticipated in 2022. The company also posted a larger-than-expected loss and revenue miss for the fourth quarter, according to StreetAccount.
Shares of Tesla rose 4% following a Reuters report that the company’s Brandenburg, Germany plant of the electric vehicle maker hit a production rate of 4,000 vehicles per week ahead of schedule.
Commerzbank shares shot up in early trade after Germany’s second-biggest lender rejoined the country’s DAX blue-chip stock index.
Source: CNBC, Investing.com