Stocks soar as Wall Street crawls out of brutal September

US stocks rose on Monday after the S&P 500 and Nasdaq Composite The first three consecutive quarters of losses closed Since the 2008 global financial crisis, the Dow has recorded its first set of losses since 2015.

The benchmark S&P 500 index rose 2.4%, while the Dow Jones Industrial Average jumped 700 points, or about 2.5%, its best day in more than two months. The tech-heavy Nasdaq Composite Index rose 2.1%.

Big moves in the energy markets started the week, with Oil prices fluctuate upwards There have been reports that OPEC+ is considering a significant production cut of more than 1 billion barrels per day. West Texas Intermediate (WTI) crude futures rose 5.6% to $83.99 a barrel, while Brent crude rose about 3.9% to $88.45 a barrel.

Also, in the UK, the pound rose after Prime Minister Liz Truss U-turned on tax cut plan who sparked market turmoil and Intervention from the Bank of England last week.

On the corporate front, Credit Suisse shares (CS) trimmed losses from a previous low. Over the weekend, CEO of the global investment bank He issued a note in an attempt to calm down Top investors about the financial health of the institution – effort This backfired and instead raised questions about the stability of the bank.

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

Tesla (TSLA) fell more than 8% on Monday after the electric car giant announced Sunday that it had delivered 343,830 vehicles in the third quarter, a new record that came even as the company struggled to shut down its China plant. still number Came lower than Wall Street expectationsWhich ranged between 358,000 and 371,000 vehicles.

A Tesla Model 3 electric vehicle (EV) is on display at the China International Trade and Services Exhibition (CIFTIS) in Beijing, China on September 1, 2022. REUTERS/Florence Lu

A Tesla Model 3 electric vehicle (EV) is on display at the China International Trade and Services Exhibition (CIFTIS) in Beijing, China on September 1, 2022. REUTERS/Florence Lu

Investors are reeling from a grueling month and quarter that saw all three major averages enter a bear market. In September, the S&P 500 recorded a loss of 9.3%, its worst monthly decline since the pandemic began in March 2020. The Dow Jones index surveyed more than 8% and the Nasdaq Composite Index more than 10%. For the quarter, the indices fell almost 5.3%, 4.1%, and 6.7%, respectively.

With Wall Street turning the page, some strategists are looking to October, which has been labeled a “bear market killer” based on historically strong returns, especially in midterm years. Every time the S&P 500 plunged 7% or more in September, stocks did well in October, Carson Group’s Ryan Detrick noted.

a High-risk earnings season Likely caused by low expectations and deteriorating fundamentals associated with inflation and higher interest rates, however, makes this time different.

“The focus will be on earnings as we move from the moderation shock, with higher interest rates, to the growth shock,” said Luca Paolini, chief strategist at Pictet Asset Management, Yahoo Finance Live said In a recent interview. “This is where we are most concerned, and the upcoming earnings season is going to be really critical.”

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter Tweet embed

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