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US stocks closed sharply higher Monday as a rebound in technology shares and falling oil prices lifted investor sentiment following last week’s sell-off.
The Dow Jones Industrial Average climbed 1,104.02 points, or 2.15%, to 52,389.75, while the S&P 500 gained 173.08 points, or 2.35%, to 7,549.94.
The Nasdaq Composite advanced 673.71 points, or 2.74%, to 25,253.14.
The VIX volatility index, commonly known as Wall Street’s fear gauge, plunged 22.31% to 19.92.
Chipmakers led the technology rebound, with Advanced Micro Devices surging 13.2% and Broadcom rising 8.8%.
Tesla climbed 5.5%, Amazon rose about 3%, Microsoft gained nearly 3% and Alphabet added 1%.
Nvidia bucked the broader rally, falling around 4.3% after its board announced an independent investigation into reports that Chief Executive Jensen Huang had been targeted by a foreign intelligence effort.
The company said independent directors and outside counsel would oversee the review, adding that the board had no reason to believe national security or company secrets had been compromised.
Lower energy prices also supported sentiment. Brent crude futures settled 5.85% lower at $92.57 per barrel, while US benchmark West Texas Intermediate fell 4.38% to settle at $86.85.
The rally extended Friday’s partial recovery from a sharp technology sell-off as investors weighed potential changes to artificial intelligence oversight following Democrats’ strong midterm election results.
Concerns over tighter rules governing data center construction and energy consumption have clouded the outlook for AI infrastructure spending.
Meanwhile, the US 10-year Treasury yield rose 1.9 basis points to 4.878%. The euro gained 0.71% against the dollar to $1.122.
Investors now await US inflation figures for clues on the Federal Reserve’s interest rate outlook.
European stock markets closed higher as recovering technology shares and declining oil prices supported risk appetite.
The pan-European STOXX Europe 600 rose 1.26%, or 8.19 points, to 656.52. Italy’s FTSE MIB led major regional markets, gaining 2.69% to 51,399.88, while Spain’s IBEX 35 climbed 1.93% to 19,742.50.
Germany’s DAX advanced 1.73% to 26,267.19, France’s CAC 40 increased 1.16% to 8,233.30, and Britain’s FTSE 100 added 1.02% to 10,782.87. (AA)
