US stocks rallied Monday, erasing the bulk of the losses the followed last week's hawkish turn by the Federal Reserve as resurgent oil prices lifted energy shares.
The Dow Jones Industrial Average jumped 1.8% to 33,876.97, the S&P 500 rose 1.4% to 4,224.79 and the Nasdaq Composite was 0.8% higher at 14,141.48. All sectors were in the green, led by energy and financials. Technology and consumer discretionary shares lagged.
The 10-year US Treasury yield rose 4 basis points to 1.49%, recovering from an intraday low of 1.35%. Robert Kaplan and James Bullard, presidents of the regional Federal Reserve banks in Dallas and St. Louis respectively, said the US central bank is getting closer to dialing back its bond buying, though neither offered a timeline.
West Texas Intermediate crude oil surged 2.8% to $73.62 per barrel. Talks to return the US to the Iran nuclear accord, potentially increasing Iranian crude exports, were suspended following the election of hardliner Ebrahim Raisi in the country's presidential election.
In corporate news, shares of MicroStrategy (MSTR) slumped 9.7% in rough proportion to Bitcoin's 8.9% drop, after the software company said Monday it spent another $489 million on the cryptocurrency, taking its Bitcoin holdings to more than $3 billion. Digital currencies tumbled Monday following media reports that China's southwestern Sichuan province joined others in ordering a halt to crypto mining, while the country's central bank ordered Ant Group as well as state-owned banks to stop transactions backing cryptocurrency mining.
Shares of cryptocurrency trading platform Coinbase (COIN) dropped 2.9%, while NVIDIA (NVDA), which makes the computer processing chips used to mine digital currency, declined 1.1%.
CNH Industrial (CNHI) agreed to acquire agriculture technology company Raven Industries (RAVN) for an enterprise value of $2.1 billion, with the London-based combine manufacturer saying the deal will lift its standing in the global agriculture equipment market. Shares of Raven soared more than 49% while CNH gained 1.3%.
DoorDash (DASH) said Monday it has formed a partnership with supermarket operator Albertsons (ACI) for on-demand grocery delivery services from nearly 2,000 Albertsons stores, including Safeway, Vons and Jewel-Osco. Shares of DoorDash advanced 3.5% while Albertsons rose 2.9%.
Gold climbed 0.8% to $1,783.10 an ounce, while silver was up 0.1% to $26 an ounce. Copper rose 0.5% to $4.18 per pound.