Wall Street climbs after worst weekly selloff of 2023
U.S. stocks climbed on Monday as investors bought beaten-down shares after the main benchmarks suffered their worst weekly selloff this year on worries about tighter monetary policies.
The blue-chip Dow (.DJI) erased its gains for the year in Friday’s selloff and the S&P 500 (.SPX) logged its third straight week of losses on fears of that a strong U.S. economy and high inflation will give the Fed more room to raise rates.
The mood, however, was buoyant on Monday as U.S. Treasury yields slipped after a strong rally, lifting rate-sensitive growth stocks such Apple Inc (AAPL.O) and Amazon.com Inc (AMZN.O) more than 1%.
Tesla (TSLA.O) rallied 4% after the electric automaker said its plant in Brandenburg near Berlin was producing 4,000 cars a week, three weeks ahead of schedule according to a recent production plan reviewed by Reuters.
“We are looking at a relief rally today because the market was down so much last week,” said Sam Stovall, chief investment strategist at CFRA Research in New York.
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