NEW YORK (AP) 鈥� U.S. stocks closed broadly higher, clawing back some of the losses from their worst week since April. The S&P 500 rose 1.1% Monday, breaking a three-day losing streak. It was the first gain for the index since setting an all-time high early last week. The Dow Jones Industrial Average added 0.3%, and the Nasdaq composite gained 1.6%. Big Tech stocks regained some of their sharp drops from last week. Treasury yields mostly rose in the bond market after President Joe Biden said he won鈥檛 run for re-election. The yield on the 10-year Treasury note rose to 4.26%.
THIS IS A BREAKING NEWS UPDATE. AP鈥檚 earlier story follows below.
NEW YORK (AP) 鈥� U.S. stocks are broadly higher Monday, clawing back some of the losses from their worst week since April.
The S&P 500 was up 1.1% in afternoon trading and on track to break a three-day losing streak. It would be the first gain for the index since it set an all-time high on Tuesday.
The Dow Jones Industrial Average was up 123 points, or 0.3%, as of 2:33 p.m. Eastern time, and the Nasdaq composite climbed 1.7%.
rose 4.8%, and other Big Tech stocks likewise regained some of their sharp drops from the week before to support the market. They had sputtered amid criticism they鈥檇 grown too expensive after and being the main reasons for Wall Street's run to records. Two of them, Alphabet and Tesla, will report on Tuesday how much profit they earned during the spring in a big test. They each rose at least 2.7%.
Treasury yields mostly rose in the bond market after President Joe . The move could cause the unwind of some of the market鈥檚 鈥淭rump trade,鈥� which took off after Biden鈥檚 weak performance in a debate last month raised expectations for a win by former President Donald Trump.
Bank stocks had climbed on forecasts for lighter regulations following a Republican sweep, for example, and longer-term Treasury yields climbed more than short-term ones on expectations for policies that could push up the U.S. government鈥檚 already high debt.
But Biden鈥檚 stepping aside over the weekend wasn鈥檛 that big a surprise for the market. 鈥淚t was a matter of when, not if,鈥� according to Brian Jacobsen, chief economist at Annex Wealth Management.
鈥淭his could lower the odds of Trump winning, but the Democrats have to rally around a candidate first.鈥�
The yield on the 10-year Treasury rose to 4.26% from 4.24% late Friday. Shorter-term yields were relatively steady. The two-year yield was unchanged at 4.52%, where it was late Friday.
Other corners of the market that could have swung sharply on uncertainty about the election were also mostly quiet. The U.S. dollar鈥檚 value was relatively steady against its biggest rivals.
In the meantime, reports on corporate profits and the U.S. economy鈥檚 growth could continue to grab the market鈥檚 spotlight. Analysts are expecting companies in the S&P 500 to deliver the strongest profit growth for the latest quarter since the end of 2021, according to FactSet.
Truist Financial rose 3.2% after the bank reported net interest income, a key underlying measure of overall profit, that analysts called stronger than expected.
Verizon Communications tumbled 6.8% after reporting profit for the latest quarter that matched analysts鈥� expectations but revenue that fell just short.
Besides Alphabet and Tesla, dozens of other big U.S. companies will also report their latest quarterly results this upcoming week, including Coca-Cola, Ford and American Airlines.
Airlines last week struggled with massive disruptions from a , which appeared to have been resolved over the weekend though delays at airports continued Monday.
A faulty software update caused worldwide and led to the grounding by almost all airlines of a number of flights. The vast majority of were Delta Air Lines flights. Delta鈥檚 stock lost 2.4%.
Cybersecurity firm CrowdStrike said the issue believed to be behind the outage was not a security incident or cyberattack and that it had deployed a fix. The company said the problem lay in a faulty update sent to computers running Microsoft Windows.
stock was down another 12.8% Monday after taking an 11.1% hit on Friday.
In stock markets abroad, indexes rose across much of Europe.
In Asia, Hong Kong鈥檚 Hang Seng rose 1.3%, but stocks fell 0.6% in Shanghai after China鈥檚 central bank unexpectedly lowered a benchmark interest rate for loans. The move came after the government recently reported the world鈥檚 second-largest economy expanded at a pace in the second quarter.
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AP Business Writers Matt Ott and Alex Veiga contributed.
Stan Choe, The Associated Press
