President Joe Biden.
AP Photo/Patrick Semansky
US stocks climbed Monday amid diplomacy efforts in the Middle East.
Secretary of State Antony Blinken visited Israel Monday, and President Joe Biden is considering a trip.
Traders also are watching for earnings from Tesla, Bank of America, and Goldman Sachs this week.
US stocks moved higher in Monday’s trading session amid US diplomacy efforts to contain the conflict between Israel and Hamas.
Secretary of State Antony Blinken was in Israel again on Monday after traveling there last week. President Biden, who is also weighing a trip to Israel, said on Sunday Hamas should be eliminated entirely and a path should be opened to allow for a Palestinian state.
Separately, Israel announced Monday that at least 199 people are being held hostage in Gaza, CNN reported.
Meanwhile, traders are also preparing for a slate of earnings this week, including top names like Tesla, Netflix, Goldman Sachs, and Bank of America.
Federal Reserve Bank of Philadelphia President Patrick Harker suggested again on Monday that the central bank could be at the end of its tightening cycle.
“Holding rates steady will let monetary policy do its work. I am sure policy rates are restrictive, and as long they remain so, we will steadily press down on inflation and bring markets into a better balance,” he said, per CNBC.
Here’s where US indexes stood as the market closed at 4:00 p.m. on Monday:
S&P 500: 4,373.63, up 1.06%Dow Jones Industrial Average: 33,984.54, up 0.93% (314.25 points)Nasdaq Composite: 13,567.98, up 1.20%
Here’s what else is going on:
Morgan Stanley’s top equity strategist said the odds of a year-end rally in stocks are dwindling. The Strategic Petroleum Reserve “would be harder to use,” and the only buffer for oil markets is Middle East production, an expert said.Investors have moved into safe haven assets like gold amid conflict in the Middle East.Treasury bond buyers are increasingly households, and they could help keep a lid on yields.More freight carriers are exiting the market as soaring diesel prices drag on truckers. Bitcoin briefly spiked 10% after a false report said the SCE approved BlackRock’s spot bitcoin ETF.India’s government is getting less comfortable buying Russian oil with Chinese yuan.
In commodities, bonds, and crypto:
Oil prices dropped, with West Texas Intermediate down 1.07% to $86.75 a barrel. Brent crude, the international benchmark, moved lower 1.19% to $89.81 a barrel.Gold edged down 0.48% to $1,932.10 per ounce.The 10-year yield rose 7 basis points to hover at 4.708%.Bitcoin climbed 5.74% to $28,577.