U.S. stocks began the trading week on a positive note, brushing aside concerns about the recent conflict between Israel and Hamas potentially escalating into a larger war in the Middle East. Instead, investors turned their attention to the upcoming third-quarter earnings season as a key indicator of the economy’s health.
- The Dow Jones Industrial Average (DJIA) rose by 313 points, or 0.9%, closing at 33,984.
- The S&P 500 (SPX) experienced a gain of 1.1%.
- The Nasdaq Composite (COMP) saw an increase of 1.2%.
Safe-Haven Assets Pause
The rally in traditional safe-haven assets took a breather on Monday. The most-active December gold contract settled lower at $1,934.30 per ounce on Comex, as demand for safe-haven investments subsided after a recent uptick.
Treasury Yields Rise
U.S. Treasury yields climbed during Monday afternoon’s trading session. The yield on the 10-year Treasury increased by 8.1 basis points to 4.709%, while the yield on the 30-year Treasury jumped by 8.8 basis points to 4.865%, according to Dow Jones Market Data.
Reassured by the market’s resilience, investors remain focused on future earnings reports as they continue to monitor the state of the economy.