The major averages made a turnaround to begin the fourth quarter.
 | MON, OCT 03, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 142.45 | +4.25 | +3.08% | | INTC | 26.97 | +1.20 | +4.66% | | MSFT | 240.74 | +7.84 | +3.37% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 142.45 | +4.25 | +3.08% | | CCL | 6.85 | -0.18 | -2.56% | | TSLA | 242.40 | -22.85 | -8.61% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 142.45 | +4.25 | +3.08% | | TSLA | 242.40 | -22.85 | -8.61% | | AMD | 66.11 | +2.75 | +4.34% | |
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Stocks rallied on Monday to kick off October and the final quarter of the year as U.S. Treasury yields tumbled. The Dow Jones Industrial Average added more than 900 points at its highest level during the day before paring some of those gains. Still, it posted its best day since June 24. This was the best day since July 27 for the S&P 500. The Nasdaq Composite also made a big upward move. Declines in bond yields were one of the biggest drivers of the market. The yield on the 10-year U.S. Treasury topped 4% last week for the first time in years as stocks tumbled. They did the reverse on Monday: Yields were down, and stocks rallied. |
Energy stocks helped lift the market after oil prices spiked on reports that OPEC and its oil-producing allies could cut output by 1 million barrels per day. That sent energy names soaring. The sector, already the best performing of the year, posted its best day since November 2020. The bounce on Monday was welcome relief for investors who endured a painful September. Some say the rally was to be expected due to the oversold conditions. However, some strategists say the market has further to fall before the selling is exhausted. Wall Street firms are also now lowering their S&P targets for the year, and Citi sees another down year for 2023. |
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