Stocks rallied Monday as investors looked ahead to a packed week with congressional midterm elections and key inflation data on deck over the next few days, and shrugged off a supply warning from Apple.
The Dow Jones Industrial Average traded higher by 423.78 points, or 1.31%, to 32,827.00. The S&P 500 gained 0.96% to 3,806.80. The Nasdaq Composite rose 0.85% to 10,564.52, after trading between gains and losses earlier in the session. All three major averages notched a second straight positive day.
Apple shares gained roughly 0.4%, despite falling more than 1% previously in the session, after the tech company said iPhone production has been temporarily reduced because of Covid-19 restrictions in China. Palantir shares, meanwhile, declined nearly 11.5% after the company posted disappointing quarterly results. Carvana tumbled about 15.6%.
Facebook parent Meta gained 6.5% following a Wall Street Journal report that said the company could start layoffs as soon as Wednesday.
Key elections and economic reports ahead
Tuesday’s midterm election will determine which party will control Congress, and affect the direction of future spending. Democrats currently control the House, and have a majority in the Senate.
Investors could approve of a potential gridlock that may come out of the midterm elections as a Democratic president, with a Republican or split Congress, has historically meant above-average gains, according to RBC’s Lori Calvasina in a Monday note.
“The market is hopeful that…
