Dow Jumps 200 Points; Crude Oil Surges Over 4%
U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining around 200 points on Monday.
The Dow traded up 0.60% to 33,607.75 while the NASDAQ rose 0.51% to 13,499.46. The S&P 500 also rose, gaining, 0.71% to 4,339.00.
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Leading and Lagging Sectors
Energy shares rose by 3.5% on Monday.
In trading on Monday, consumer staples shares fell by around 0.5%.
Top Headline
The Palestinian militant organization Hamas, which controls the Gaza Strip, launched a series of rocket attacks on Israel over the weekend. These attacks continued into Sunday and resulted in significant casualties, with over 1,100 people reported dead, including 700 Israelis, over 2,000 injured, and hundreds of civilians and military personnel held hostage in Gaza.
Equities Trading UP
ParaZero Technologies Ltd. (NASDAQ:PRZO) shares shot up 105% to $2.3807 after the company announced an Australian regulator approved first commercial drone flights in populated areas and near people using ParaZero safety systems.
Shares of Phoenix Motor Inc. (NASDAQ:PEV) got a boost, shooting 45% to $1.45. Phoenix Motor said its EdisonFuture subsidiary launched new Proton Exchange Membrane (PEM) solutions for green hydrogen products and production.
National Western Life Group, Inc. (NASDAQ:NWLI) shares were also up, gaining 15% to $478.30 after the company inked a definitive merger deal with Prosperity Life Group for about $1.9 billion in an all-cash transaction.
Equities Trading DOWN
Shift Technologies, Inc. (NASDAQ:SFT) shares dropped 87% to $0.2381 after the company said it will file for Chapter 11 bankruptcy protection.
Shares of Kubient, Inc. (NASDAQ:KBNT) were down 10% to $0.2469. On Oct. 2, Kubient reduced expenses by implementing an 36% reduction in the company's workforce.
Falcon's Beyond Global, Inc. (NASDAQ:FBYD) was down, falling 31% to $11.19. Falcon’s Beyond Global closed its previously announced business combination with FAST Acquisition Corp. II.
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Commodities
In commodity news, oil traded up 4.4% to $86.40 while gold traded up 1% at $1,864.30.
Silver traded up 0.8% to $21.90 on Monday while copper rose 0.6% to $3.6505.
Euro zone
European shares closed lower today. The eurozone’s STOXX 600 fell 0.26% London’s FTSE 100 slipped 0.03% while Spain’s IBEX 35 Index fell 0.91% The German DAX fell 0.67% French CAC 40 fell 0.55%, while Italy’s FTSE MIB Index fell 0.46%.
Industrial production in Germany fell by 0.2% month-over-month in August following a revised 0.6% decline a month ago.
Asia Pacific Markets
Asian markets closed mixed on Monday, with China’s Shanghai Composite Index falling 0.44% and Hong Kong’s Hang Seng Index rising 0.18%. India’s S&P BSE Sensex, meanwhile, fell 0.6%.
China's foreign exchange reserves fell to $3.12 trillion at the end of September compared to $3.16 trillion in the previous month.
Economics
There were no major U.S. economic releases Monday.
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