Stocks surge as Wall Street crawls out of a brutal September

U.S. stocks kicked October off on a strong note Monday after the S&P 500 and Nasdaq Composite closed out their first three-quarter losing streak since the 2008 Global Financial Crisis and the Dow logged its first such span of losses since 2015.

The benchmark S&P 500 index soared 2.6%, while the Dow Jones Industrial Average jumped roughly 765 points, or around 2.7%, notching its best day in more than two months. The technology-heavy Nasdaq Composite advanced 2.3%.

Sizable moves in energy markets kicked off the week, with oil prices swinging higher as reports surfaced that OPEC+ is considering a big production cut of more than one billion barrels per day. West Texas Intermediate (WTI) crude oil surged and settled above $83 per barrel.

Also, in the U.K., sterling edged higher after Prime Minister Liz Truss U-turned on a tax-cut plan that had spurred market tumult and an intervention from the Bank of England last week.

On the corporate front, shares of Credit Suisse (CS) pared losses from an earlier drop, closing up 2.3%. Over the weekend, the global investment bank’s CEO issued a memo attempting to calm major investors about the institution’s financial health – an effort that backfired and instead raised questions about the bank’s stability.

Credit Suisse also said last week that it was exploring potential sales of assets and certain business units as part of a strategic plan set to be revealed at the end of the month.

Tesla (TSLA) plunged 8.6% Monday after the electric vehicle giant reported Sunday that it delivered 343,830 cars in the third quarter, a fresh record that came even as the company grappled with the shutdown of its China factory. Still, the figure came in below Wall Street expectations, which ranged from 358,000 to 371,000 vehicles.

A Tesla Model 3 electric vehicle (EV) is displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Florence Lo

Investors are reeling from a brutal month and quarter that saw all three major averages enter a bear market. In September, the S&P 500 recorded a 9.3%…


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