Wall Street’s major indices started the week higher on Monday, boosted by signals of movement in Washington to resolve the ongoing US government shutdown. The impasse has halted the release of official economic data and fuelled growing concerns over the nation’s financial health.
On Sunday, US senators advanced a procedural vote on a bill passed by the House of Representatives. This bill will be amended to include funding for the government until 30 January.
Meanwhile, White House economic adviser Kevin Hassett stated in an interview that if the shutdown persists, US economic growth for the fourth quarter could turn negative.
At 09:44 a.m. ET, the Dow Jones Industrial Average rose 283.95 points, or 0.60%, to 47,271.05, the S&P 500 gained 81.91 points, or 1.22%, to 6,810.71 and the Nasdaq Composite gained 451.61 points, or 1.96%, to 23,456.15.
At the opening bell, the Dow Jones Industrial Average rose 108.0 points, or 0.23%, to 47,095.06. The S&P 500 rose 56.6 points, or 0.84%, to 6,785.36, while the Nasdaq Composite rose 350.3 points, or 1.52%, to 23,354.853.
In the bond market, the yield on the 10-year Treasury fell to 4.10% from 4.11% late on Friday.
Key Stock Movers
Tech stocks jumped, with Nvidia rallying 3.7%, Alphabet and Amazon.com rising 3% each.
Taiwan Semiconductor Manufacturing Co. shares listed in the United States soared 3.2% after the company said its revenue climbed nearly 17% in October from a year earlier.
Tesla stock climbed 3.88% after the electric vehicle maker’s cybertruck chief Siddhant Awasthi said he is leaving the company.
Stocks of United Airlines rose 2.5% and Delta Air Lines gained 1.8%.
Tyson Foods shares climbed 2.5% after the company reported a stronger quarterly profit than expected.
Health insurers fell after the US Senate struck a deal to end the 40-day shutdown without extending Affordable Care Act subsidies.
Centene tumbled 9.5%, while Humana and Elevance Health declined 2% each.
Metsera tanked 15.6% after Pfizer won a $10 billion bidding war to acquire the company.
Bullion Market
Gold prices climbed on Monday as disappointing economic figures from the United States increased market expectations for a Federal Reserve interest rate cut next month. The precious metal received further support from a weaker US dollar.
By 11:38 GMT, spot gold gained 2.1%, reaching $4,082.17 per ounce. US gold futures for December delivery were also up 2%, trading at $4,090.50 per ounce.
The wider precious metals sector saw similar advances: spot silver rose 3.4% to $49.95 per ounce, platinum gained 1.7% to $1,571.10, and palladium added 2.2%, trading at $1,410.48.