Nasdaq climbs 354 points amid technical recovery

US stocks rose on Monday after two banks reported better-than-expected financial results and ahead of this week’s main corporate earnings reports.

The Dow Jones Industrial Average rose 550.91 points, or 1.86%, to 30,185.82.
The S&P 500 rose 94.88 points, or 2.65%, to 3,677.95 and the tech-heavy Nasdaq
Composite was up 354.41 points, or 3.43%, to 10,675.80.

Bank of America (BAC) and Bank of New York Mellon (BK) both beat analysts’ expectations with their earnings reports on Monday. Bank of America shares rose $1.92, or 6.07%, to close at $33.62. Bank of New York Mellon stock price rose $1.97, or 5.13%, to close at $40.38.

Netflix (NFLX), Tesla (TSLA) and IBM (IBM) are each to report
quarterly earnings this week. Others expected to report earnings include Johnson & Johnson (JNJ), United Airlines (UAL), AT&T (T) and Verizon (VZ).

Shares traded wildly last week, mostly closing three of the five trading days
down and hit some new lows for the major indices. Analysts foresee further volatility.

Big tech stocks up Monday included Apple (AAPL), which closed at $142.41, up $4.03, or 2.91%. Shares of Facebook parent company Meta Platform (META) rose $7.28, or 5.74%, to close at $134.04.

“Given that people are so pessimistic right now, companies need to hit their numbers and not lower [guidance] dramatically could be all it takes for markets to recover for a while,” Wayne Wicker, chief investment officer at bond fund MissionSquare, told CNBC. Nasdaq climbs 354 points amid technical recovery

Fry Electronics Team

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