US stocks soared on Monday, propelling gains in a number of tech stocks, including Twitter and Tesla, as investors awaited news from Europe on potential new sanctions against Russia for its invasion of the Ukraine.
The Nasdaq Composite was the best performer of the three major Wall Street indices, peaking nearly 2%. On the S&P 500, the communication services, consumer discretionary and information technology sectors were the main gainers.
Here’s where the US indices were at 4:00 p.m. Monday:
“The second quarter got off to a good start, continuing the rebound that began in the final month of the first quarter. The issues that plagued markets through the end of 2021 and into 2022 remain with us, but a Once again, equities have demonstrated their remarkable ability to come back strong,” Chris Beauchamp, chief market analyst at IG, said in a note.
“The strength of Friday payslip also remains a motivating factor, although it has also encouraged Fed policymakers to think more seriously about a 50 basis point hike the next time they meet,” he said.
Around the markets, Morgan Stanley said the the bear market rally “is over” and investors must remain on the defensive with signs of a slowdown in the manufacturing sector of the world’s largest economy.