Major U.S. stock indices experienced gains on Monday after President Joe Biden’s unexpected decision to withdraw from the November 5 presidential election.
By 12:21 p.m. EDT (1621 GMT), the Dow Jones Industrial Average had risen by 171 points, or 0.43%, reaching 40,459. This follows a 0.72% increase for the blue-chip index last week.
The S&P 500 saw an uptick of 36 points, or 0.65%, climbing to 5,540. This rebound comes after the index experienced a 1.97% decline in the previous week.
The Nasdaq Composite surged by 184 points, or 1.04%, to 17,911. The tech-heavy index had suffered a 3.65% drop the previous week.
Both the S&P 500 and the Nasdaq reported their most significant weekly losses since April in the preceding week.
The VIX volatility index, often referred to as the fear gauge, dropped by 6.2% to 15.49. Meanwhile, the yield on the 10-year U.S. Treasury note increased by 0.73% to 4.270%.
The U.S. Dollar Index fell by 0.02% to 104.36, while the Euro strengthened by 0.07% to $1.0885 against the dollar.
In the commodities market, precious metals experienced declines: gold decreased by 0.5% to $2,388 per ounce, and silver fell by 0.57% to $29.05.
Oil prices also edged lower, with global benchmark Brent crude trading at $82.34 and U.S. benchmark West Texas Intermediate at $78.34, both down approximately 0.3%.
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