Investing.com – Wall Street rallied on Monday as markets recovered from last week’s fall and investors looked ahead to Wednesday’s inflation report.
The S&P 500 was up 24 points or 0.92% to 2,643.66 as of 9:54 AM ET (14:54 GMT) while the Dow composite increased 264 points or 1.09% to 24,455.49, and tech heavy NASDAQ Composite was up 64 points or 0.94% to 6,939.32.
The Dow bounced back on Friday, closing up over 300 points after the stock markets worst week in nearly two years. Concern lingers however, as the Dow and S&P ended the week down 5.2% amid rising inflation concerns.
Investors are looking ahead to Wednesday, when the U.S. Bureau of Labor Statistics releases the Consumer Price Index, which measures inflation. Worry about the rise of inflation sparked last week’s sell off of equities, as investors moved their stock to the bond market.
Technology stocks were among the biggest movers after the morning bell rang, with Apple (NASDAQ:AAPL) rising 1.76% and Amazon.com (NASDAQ:AMZN) increasing 1.73% after Reuters reported that the online retailer bough home security camera maker Blink for its energy-efficient chips and not for its products, as originally thought. Meanwhile Cisco Systems Inc (NASDAQ:CSCO) jumped 3.34% after Nomura/Instinet upgraded its stocks to buy, while Qualcomm (NASDAQ:QCOM) rose 2.39% after news that the chipmaker will meet with rival Broadcom (NASDAQ:AVGO) to discuss Broadcom’s $121 billion takeover bid.
Elsewhere Facebook (NASDAQ:FB) inched down 0.31% while Tesla (NASDAQ:TSLA) fell 0.41%.
In Europe stocks were up. In Germany the DAX rose 209 points or 1.73% while France’s CAC 40 increased 74 points or 1.47% and in London the FTSE 100 gained 94 points or 1.34%. Meanwhile Spain’s IBEX 35 was up 148 points or 1.54% and the pan-European Euro Stoxx 50 surged 66 points or 2.00%.
In commodities, gold futures were up 0.65% to $1,324.20 a troy ounce while crude oil futures surged 1.27% to $59.95 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, inched down 0.03% to 90.19.