Stock market news today: Stocks rise slightly after huge week of gains
Stocks were little changed to close out the trading session on Monday after logging their best week this year, as hopes continued to prevail that the Federal Reserve is ready to call an end to tightening.
The tech-heavy Nasdaq Composite (^IXIC) ticked up by 0.3%, continuing a notable stretch of gains, while the benchmark S&P 500 (^GSPC) gained about 0.2%. The Dow Jones Industrial Average (^DJI) increased by 0.1% or roughly 35 points.
The yield on the 10-year Treasury note (^TNX) ticked up about 10 basis points to trade near 4.66%.
The major US stock indexes soared on Friday after US jobs growth slowed more than expected and wage inflation cooled, cementing optimism for an end to Fed interest rate increases that persisted into the new week.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
Investors will be listening out for confirmation when several Fed officials step up to speak this week, including two appearances by Chair Jerome Powell. Regional Fed Presidents John Williams and Raphael Bostic are among those on the docket.
Some on Wall Street have cautioned that the optimism could be overdone and to brace for volatility in stocks. Morgan Stanley strategist Mike Wilson warned last week's stock comeback "looks more like a bear market rally rather than the start of a sustained upswing."
Meanwhile, the market still has a stream of quarterly earnings ahead, while the calendar is quiet on the economic front. Disney's (DIS) results due Wednesday are the highlight.
In commodities, oil prices jumped after top exporters Saudi Arabia and Russia confirmed last weekend that they will continue with their voluntary additional production cuts. West Texas Intermediate crude futures (CL=F), the US benchmark, rose more than 1% to just under $82 a barrel, while global benchmark Brent crude futures (BZ=F) put on a little less than 1% to trade under $86 a barrel.
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