Aug. 15 (UPI) — The S&P 500 looked to build on its winning streak longest winning streak since 2021 as markets rallied back from early losses on Monday.
The Dow Jones Industrial Average closed the day up 151.39 points, or 0.49%, while the broad S&P 500 gained 0.4% and the Nasdaq Composite climbed 0.62%.
The S&P 500 entered the week following four consecutive weeks of gains recovering half of its bear market losses after falling from an all-time high in January.
The Dow fell by as much as 180 points earlier in the session as energy and financials stocks declined and dragged down the major averages before rebounding into positive territory.
U.S. crude oil prices declined with the benchmark West Texas Intermediate falling 2.9% to end the day at $89.41 per barrel with prices reaching session lows of $86.82 — the lowest level since Feb. 3.
Shares of Unity Software also declined 7.13% Monday after the company’s board rejected a bid by mobile technology company AppLovin to acquire it for $58.85 a share.
On the positive end, shares of Disney rose 2.2% after hedge fund manager Dan Loeb revealed a new stake in the company and urged CEO Bob Chapek in a letter to integrate Hulu directly into Disney+, acquire Comcast’s remaining minority stake before the early 2024 deadline and spin ESPN off to shareholders to help its parent company pay off debt.
U.S. markets also shook off negative news from Chinese markets as the country’s central bank unexpectedly cut its key interest rate amid reports of a slowdown of economic activity across the board last month.
Investors will monitor another wave of corporate earnings this week from major retailers including Home Depot, Walmart and Target.