Stocks finished higher Monday. The Dow added 200 points to 25,650 while the S&P 500 advanced 40 points to 2,783. The Nasdaq Composite gained 2% in the session, rallying 149 points to 7,558.
The major averages snapped a five session losing streak amid a rally in Technology shares. An update from the Commerce Department also lifted sentiment. The report showed U.S. retail sales ticked up 0.2% in January after the largest monthly decline in nine years during December. In central bank news, Fed Chairman Jerome Powell reiterated a perceived “dovish” tilt saying that the U.S. interest rate policy is in a “good place” during a televised interview on Sunday.
All 11 S&P 500 sectors finished in positive territory. Technology shares paced the gains as Apple added 3.5% to $178.90 following an analyst upgrade. NVIDIA advanced 7.0% to $161.14 after agreeing to buy chipmaker Mellanox Technologies in an all-cash deal. The Communications Services group also outperformed as Google parent Alphabet added 2.6% to $1,179.26. The Industrials group lagged as Boeing declined 5.3% to $400.01 after news the company’s 737 Max was involved in a second fatal accident in five months.
Breadth was positive on issues by 6:1 on the NYSE and by 7:2 on the Nasdaq. Composite NYSE volume was more than 3.7 billion shares.
Treasuries weakened along the curve with the yield on the 10-year note up one basis point to 2.64%. In commodities, NYMEX WTI crude jumped 1.3% to $56.82/barrel after Saudi Arabia pledged to extend production cuts through April. COMEX gold fell 0.5% to $1,293.40/ounce.