To begin the final week of September, the Dow rises 71 points, but the S&P and Nasdaq fall.
The Dow Jones Industrial Average began the week in positive territory, while the other two major indices fell.
The blue-chip Dow gained 71.37 points, or 0.22 percent, on the day, while the S&P 500 dipped 0.28 percent and the Nasdaq Composite fell 0.52 percent.
JPMorgan Chase stock soared 2.42 percent, Goldman Sachs gained 2.29 percent, and Citigroup increased 1.52 percent on Monday as the 10-year Treasury yield temporarily rose above 1.5 percent.
“We feel that these [bond market]movements have sparked another ‘Value Rip’ in equities markets. In the weeks ahead, we believe the direction of longer-term interest rates will continue to be the most important driver of market returns, sector rotation, and thematic performance,” Wolfe Research’s Chris Senyek wrote in a note.
Occidental Petroleum gained 7.44 percent, and Exxon Mobil gained 2.97 percent, as West Texas Intermediate crude soared beyond $75 a barrel on Monday.
The market was dragged down by tech firms, with Amazon losing 0.58 percent. Morgan Stanley cut its price objective for the stock from $4,300 to $4,100, citing increased labor costs as the reason.
Nvidia, a chipmaker, sank 1.91 percent, while Apple slid 1.05 percent and Alphabet, Google’s parent firm, fell 0.8 percent.
Investors were also keeping a tight eye on Washington, where lawmakers were preparing to vote on a broad infrastructure bill, President Joe Biden’s $3.5 trillion spending bill, and a bill to avoid a government shutdown at the beginning of October while simultaneously suspending the debt ceiling.
“The longer Democrats pursue this approach, our political economist believes the likelihood of a government shutdown increases,” said David Kostin, Goldman Sachs’ senior U.S. stock strategist. “However, since 1980, we have found no notable persistent reaction of the S&P 500 to government shutdowns.”
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