Dow leaps 585 points as US stocks win back most of Friday’s wipeout
NEW YORK (AP) — U.S. stocks rallied on Monday and won back most of their sharp loss from last week, when worries about how President Donald Trump’s tariffs may be punishing the economy sent a shudder through Wall Street.
The S&P 500 jumped 1.5% to follow up its worst day since May with its best since May. The Dow Jones Industrial Average climbed 585 points, or 1.3%, and the Nasdaq composite leaped 2%.
Idexx Laboratories helped lead the way and soared 27.5% after the seller of veterinary instruments and other health care products reported a stronger profit for the spring than analysts expected. It also raised its forecast for profit over the full year.
Tyson Foods likewise delivered a bigger-than-expected profit for the latest quarter, and the company behind the Jimmy Dean and Hillshire Farms brands rose 2.4%.
They helped make up for a nearly 3% loss for Berkshire Hathaway after Warren Buffett’s company reported a drop in profit for its latest quarter from a year earlier. The drop-off was due in part to the falling value of its investment in Kraft Heinz.
The pressure is on U.S. companies to deliver bigger profits after their stock prices shot to record after record recently. The jump in stock prices from a low point in April raised criticism that the broad market had become too expensive.
The yield on the 10-year Treasury slipped to 4.19% from 4.23% late Friday.
This upcoming week may feature fewer fireworks following last week’s jobs report and profit updates from some of Wall Street’s most influential companies. This week’s highlights will likely include earnings reports from The Walt Disney Co., McDonald’s and Caterpillar, along with updates on U.S. business activity.