The Dow Jones Industrials maintained gains it achieved throughout the day, finishing ahead 72.17 points to 32,889.09.
The S&P 500 regained 12.2 points to 3,982.24. The S&P also got a boost from railroad operator Union Pacific, which climbed 10% after the company announced CEO Lance Fritz will step down this year.
The NASDAQ Composite recovered 72.04 points to 11,490.06.
The early 2023 rally seems to be fading as traders worry that rates could stay higher for longer. The Federal Reserve’s latest meeting minutes showed officials are determined to keep raising rates until inflation comes down.
Stocks sank Friday and Treasury yields jumped following a bigger-than-expected increase in the latest reading for personal consumption expenditures, the Federal Reserve’s preferred inflation gauge.
On the economic data front, durable goods orders fell in January as consumers pulled back spending on big-ticket items.
In earnings, just 6% of the S&P 500 will report but investors are looking for insight into the consumer with several major retailers, restaurants, some travel and entertainment names as well as food companies set to report. Target, Costco, Lowe’s and Macy’s are some of the big names set to report earnings this week.
Prices for the 10-year Treasury surged, lowering yields to 3.93% from Friday’s 3.95%. Treasury prices and yields move in opposite directions.
Oil prices settled 62 cents to $75.70 U.S. a barrel.
Gold prices leaped $6.80 to $1,823.90 U.S. an ounce.