The Dow rose slightly Monday, as Wall Street fought to hold onto last week’s gains and investors braced for a busy week of economic news.
The Dow Jones Industrial Average gained 40.47 points, or 0.12%, to settle at 33,431.44. The S&P 500 added 0.07% to end at 4,048.42, while the Nasdaq Composite dipped 0.11% to close at 11,675.74.
At session highs, the Dow jumped 181 points, while the Nasdaq jumped nearly 1.2%.
Bond yields rose slightly, with the yield on the 10-year Treasury note last trading up more than a basis point after surging above the psychological 4% level at various points last week. An upward move raises borrowing costs for consumers and could signal a drop in investor confidence.
Despite these moves, some tech stocks pushed higher, with Apple jumping nearly 2% after Goldman Sachs initiated coverage with a buy rating. The iPhone maker accounts for about 7% of the S&P. Alphabet and Microsoft also gained.
Investors are awaiting Federal Reserve Chair Jerome Powell congressional testimony slated for Tuesday and Wednesday. The remarks will guide investors and lawmakers on how the central bank is thinking about inflation and its rate-hiking campaign, and they could determine where the market goes from here.
“It’s prudent for the market not to get ahead of itself given that it’s an important week that that can change the direction,” said LPL Financial’s Quincy Krosby, attributing Monday’s moves to uncertainty heading into the busy week.
The packed economic data week caps off Friday with February’s jobs data after January’s blockbuster report showed the economy added 517,000 payrolls. Economists polled by Dow Jones expect 225,000 jobs added last month.