Late buying lifted US equities higher on Mon. Treasury yields fell, which may have helped revive risk appetite on Wall Street.
The Dow Jones Industrial Average gained 238.06 pts, or 0.7% to close at 34,049.46. The Dow was down as much as 488 points earlier in the session.
The broader S&P 500 index rose 0.57%. The tech-heavy Nasdaq Composite advanced 1.29%. The small-cap Russell 2000 gained 0.70%.
Twitter (TWTR US) shares jumped 5.7% to $51.70 after the firm agreed to be acquired by Tesla’s (TSLA US, -0.7%) Elon Musk for $54.20 per share in cash.
Former US President Donald Trump told Fox News that he would have no interest in re-joining Twitter even if his account were reinstated by Musk, saying he will stick to his start-up social media network, Truth Social. Shares of Digital World Acquisition Corp (DWAC US) the SPAC planning to take Truth Social public, fell 12.9%.
Megacap tech stocks ended higher on Mon, including Apple (AAPL US, +0.67%), Amazon (AMZN US, +1.19%), Alphabet (GOOGL US, +2.87%) and Meta Platforms (FB US, +1.56%).
Despite stocks in Shanghai and Hong Kong being pummeled on Mon, the Invesco Golden Dragon China ETF (PGJ US), which tracks an index of US listed companies that are headquartered or incorporated in the People’s Republic of China, rose 0.59%.
The yield on the 10-year Treasury note slipped 7.89 basis points (bps) to 2.8198%. The yield of the 10-year German bund fell 13.5 bps to 0.837%. Crude oil futures fell as China continues to extend lockdowns.
The front-month Brent and WTI futures closed down $4.33 at US$102.32/bbl and $3.53 at US$98.54/bbl respectively. The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, rose 0.53% to 101.752.
The most actively traded US gold futures (Jun) contracts settled down $38.30, or nearly 2.0%, at US$1,896.00/oz. May silver, which is the most actively traded silver futures, fell 58.9 cents, or 2.4%, to end at US$23.670/oz.