Jan. 31 (UPI) — U.S. stocks rallied to close out trading for January on Monday after a volatile week that left most major markets down for the month.
The Dow Jones Industrial Average gained 406.39 points, or 1.17%, on Monday while the S&P 500 rose 1.89% and the Nasdaq Composite closed the day up 3.41%.
Monday’s gains left the blue-chip Dow down 3.3% for January, while the broad S&P 500 fell 5.2% and the tech-heavy Nasdaq shed 8.9% as both indexes posted their worst month since March 2020.
Tech shares surged on Monday but were unable to turn around losses brought on by the Federal Reserve indicating it plans to raise interest rates this year to combat inflation. Spotify stock rose 13.39% while remaining down 16% for the month while Netflix posted a gain of 11.13% on Monday but was down 30% for January.
Tesla gained 10.68% on Monday but dropped 11% on the month and Nvidia stock climbed 7.21% for the day but was down 16.7% in January.
Elsewhere shares of Moderna gained 6.18% as the Food and Drug Administration granted the company’s COVID-19 vaccine full approval and Boeing stock rose 5.07% to lead the Dow after securing a $34 billion deal with Qatar Airways.
Investors on Monday were looking ahead to mega-cap technology companies such as Google’s parent, Alphabet; Facebook parent, Meta; and Amazon as they are scheduled to report quarterly results later this week.
The expected earnings growth rate for the S&P 500 was 24.3% as of Friday, based on results of companies that had already presented earnings and projections for those who have yet to.
