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Wall Street stocks rose on Monday, but oil prices fell as investors geared up for a busy week of tech earnings and U.S. economic data.
In the first few minutes of trading, the Dow Jones Industrial Average rose 0.7% to $42,408.72.
The broader S&P 500 index rose 0.6% to 5,840.12, and the tech-heavy Nasdaq Composite Index rose 0.6% to 18,636.48.
Peter Cardillo of Spartan Capital Securities said the strong opening was likely “largely due to lower oil prices.”
The decline came as markets breathed a sigh of relief after Israel’s attack on Iran avoided energy infrastructure.
The market will also be watching earnings reports this week from big tech companies, including Apple, Amazon and Facebook’s parent company Meta.
“This is a defining week in terms of where the market is going in the short term,” Cardillo added.
The United States is scheduled to release its third quarter gross domestic product (GDP) growth rate estimates and labor market report again this week, and the impact on the central bank’s interest rate policy is attracting attention.
Among individual companies, Amazon shares rose 1.0% in early trading, while Apple rose 0.8%.
Boeing Co.’s stock price fell 1.9% after announcing a stock offering expected to raise up to $19 billion.
Boeing reported a steep quarterly loss last week and is reeling from worker strikes.
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