US stocks led by the tech counter advanced sharply on Monday despite the escalating tensions between Iran and Israel. Investors also took note of a drop in oil prices in hopes that the conflict between the two Middle East powers may remain contained to the region.
The 30-stock Dow Jones Industrial Average gained as much as 290 points or 0.7% while the Nasdaq Composite surged 1% to over 19,600.
The S&P 500 advanced 0.7% to regain the 6,000 points mark. All but one of the eleven sectoral indices were trading in green led by information technology and telecom. Energy stocks declined.
Among major companies, chipmaker AMD gained nearly 6%, while Micron Tech and Adobe traded 3% higher.
The US benchmarks ended lower last week with the Dow Jones losing 1.3%, while the S&P 500 and Nasdaq shed 0.4% and 0.6%, respectively.
The markets also factored in weaker-than-expected US manufacturing survey data which came ahead of the Federal Reserve’s interest rate decision on Wednesday. The Fed is expected to keep its rate unchanged.
Meanwhile, the yield on the 10-year US Treasury bond advanced three basis points to 4.43%.
The dollar weakened against major currencies. The dollar index dropped 0.4% to 97.80. The euro gained 0.4% and the pound rose 0.2%. The yen added 0.1%.
Spot gold prices plunged 0.5% to $3,415.86 an ounce as investors turned away from the safe haven and toward riskier assets.
International benchmark Brent oil dropped nearly 1.4% to $73 per barrel in New York trading. Crude prices initially surged following Israel's attack last week on worries over supply disruptions.
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