Stocks traded higher on Monday as traders shook off recession fears to the start of the week with a tech-fueled rally. The S&P 500 Index traded 0.8% higher and the Nasdaq Composite rose 1.9%, while the Dow Jones Industrial Average climbed over 100 points.
Big tech names including Apple
Here's how the market settled to start the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Tesla's Musk takes massive stack in Twitter:
Tesla
Twitter's stock had its best day since its IPO, with shares up more than 27%. The company closed up nearly 73% after its public debut back in November 2013. However, the stock is still down nearly 38% from it's all-time high in February 2021.
JPMorgan CEO says Fed needs to aggressively raise rates to combat inflation:
JPMorgan
"A Fed that reacts strongly to data and events in real times will ultimately create more confidence," Dimon said. "In any case, rates will need to go up substantially."
"The stronger the recovery, the higher the rates that follow (I believe that this could be significantly higher than the markets expect) and the stronger the quantitative tightening (QT)," he added. "If the Fed gets it just right, we can have years of growth, and inflation will eventually start to recede. In any event, this process will cause lots of consternation and very volatile markets."
Dimon noted that the Fed should not worry about volatile markets unless that actual economy is being affected, added that "a strong economy trumps market volatility."
Here's how benchmarks started trading after market open:
S&P 500 Index: -0.06% or -2.68 points to 4,543.18
Dow Jones Industrial Average: -0.23% or -80.73 points to 34,737.54
Nasdaq Composite Index: +0.30% or +42.83 points to 14,304.75