Dow soars 410 points as stocks bounce back
Stocks mounted a broad rally Monday, with the Dow surging more than 400 points, as the market recovered from recent heavy losses triggered by concern over rising interest rates.
The Dow Jones Industrial Average gained 410.37 points, or 1.7%, to 24,601.27. The S&P 500 rose 36.45 points, or 1.39%, to 2,656. The Nasdaq Composite was up 107.47 points, or 1.56%, at 6,981.96, eliminating this year's losses.
U.S. stocks are coming off a turbulent week in which the Dow recorded its largest-percentage decline since January 2016. Investors are closely watching the Federal Reserve, which could opt to raise interest rates at a faster-than-expected pace as inflation accelerates. The yield on the benchmark 10-year Treasury note hit a four-year high of almost 2.9% on Monday.
Shares of equipment makers and steel producers rallied after the Trump administration rolled out a $1.5 trillion plan to boost spending on infrastructure. Caterpillar (CAT) rose 2.1%, while U.S. Steel (X) jumped 5.8%. Other top gainers included Deere (DE), AK Steel Holding (AKS) and U.S. Concrete (USCR), companies that stand to benefit from increased infrastructure spending.
Oil companies such as Exxon Mobil (XOM) also posted gains as crude prices climbed. West Texas Intermediate oil futures rose 9 cents, or 0.15%, to $59.29 a barrel.
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