Stocks bounce as S&P 500 tries to climb out of correction territory
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U.S. stocks rose Monday as traders braced for a big week filled with a Federal Reserve rate decision, jobs report and Apple’s earnings report.
The Dow Jones Industrial Average gained 260 points, or 0.8%. The S&P 500 advanced 0.6%, while the Nasdaq Composite jumped 0.7%.
The rally was broad-based with all 11 S&P 500 sectors trading higher. Communications services, consumer discretionary and information technology stocks outperformed. Mega-cap tech stocks rose, with shares of Amazon and Meta Platforms up by more than 2%, each.
SoFi Technologies shares popped more than 2% after the financial services company posted a strong third-quarter revenue beat and raised its full-year outlook.
The moves come after the S&P 500 fell into correction territory last week. The broader index shed 2.5% for the week to put it down by more than 10% from its 2023 closing high. It’s off 3.2% for October, on pace for its third-straight negative month which would be its first such streak since 2020 as the pandemic struck.
“We expect an oversold bounce inspired by a less-hawkish Fed and a market that has adjusted to Treasury’s increasing liquidity needs,” Christopher Harvey, head of equity strategy at Wells Fargo Securities, wrote on Monday.
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