The Dow Jones Industrial Average rose Monday as investors kicked off a week with more corporate earnings and key inflation readings.
The blue-chip average added 407.51 points, or 1.16%, to close at 35,473.13. It was the best day since June 15 for the Dow. The 30-stock index was helped by Amgen's nearly 4% rally.
The S&P 500 advanced 0.9% to close at 4,518.44. The Nasdaq Composite rose just 0.61% to 13,994.40, with gains restricted by a nearly 1% slide in Tesla following news of CFO Zach Kirkhorn stepping down.
Both the Nasdaq and the S&P 500 ended four-day losing streaks.
Berkshire Hathaway climbed more than 3%, signaling investor satisfaction with the company's earnings report and cash stockpile. Both A and B share classes of Berkshire Hathaway closed at record levels on Monday.
Animal health care stock Elanco rallied 4% after beating Wall Street expectations, while Tyson Foods slid 3.8% on an underwhelming report.
Sovos Brands, the company known for Rao's, surged more than 25% after Campbell Soup announced it would acquire the pasta sauce maker. Campbell Soup slipped around 1.8%, bringing shares to their cheapest price in more than a year.
The moves follow a losing week on Wall Street. The Nasdaq Composite and S&P 500 slid about 2.9% and 2.3%, respectively, marking their worst weeks since March. The Dow finished the week 1.1% lower.
Monday kicked off the latest leg of what has broadly been considered a stronger corporate earnings season than anticipated. Of the 85% of companies in the S&P 500 that have posted their quarterly results, about four-fifths have exceeded Wall Street forecasts, according to FactSet.
"Markets are back on to a risk-on mode," said Chris Zaccarelli, chief investment officer of the Independent Advisor Alliance. "It's been a better-than-expected earnings season, and so I think that's why the market's had such staying power."
Later in the week, investors will shift focus to the release of July consumer and producer price index data. Both are closely watched given their connection to the path of inflation and the health of the economy.
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August 08, 2023 at 03:33AM
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Dow jumps more than 400 points, S&P 500 and Nasdaq snap four-day losing streaks as stocks rebound: Live updates - CNBC
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