At the close of trade, the Dow Jones Industrial Average index advanced 72.17 points, or 0.22%, to 32,889.09. The S&P500 index was up 12.20 points, or 0.31%, to 3,982.24. The tech-heavy Nasdaq Composite Index increased 72.04 points, or 0.63%, to 11,466.98.
Last week, the S&P 500 dove by 2.7%, while the Dow and the Nasdaq plummeted by 3.0% and 3.3%, respectively, as economic data and comments from U.S. Federal Reserve officials heightened expectations the central bank will become more aggressive in raising interest rates.
Total 7 of 11 sectors ended higher along with the S&P500 Index. Consumer discretionary was top performing sector, rising 1.18%, followed by industrials (up 0.83%), information technology (up 0.52%), and communication services (up 0.42%) sectors.
Tesla shares jumped 5.5% after the electric automaker said its plant in Brandenburg near Berlin was producing 4,000 cars a week, three weeks ahead of schedule
Seagen Inc shares surged 10.4% after the Wall Street Journal reported that Pfizer (PFE.N) was in early talks to acquire the biotech firm. Pfizer's shares dipped 2.32%.
U.S. railroad operator Union Pacific shares climbed 10.1% as Chief Executive Lance Fritz said he would step down.
ECONOMIC NEWS: Commerce Department released a report on Monday showing durable goods orders plunged by 4.5% in January after surging by a downwardly revised 5.1% in December. The steep drop by durable goods orders came as orders for transportation equipment plummeted by 13.3% in January after soaring by 15.8% in December. Excluding orders for transportation equipment, durable goods orders climbed by 0.7% in January after falling by 0.4% in December.
Meanwhile, the National Association of Realtors released a separate report showing pending home sales index soared by 8.1% to 82.5 in January after jumping by 1.1% to a downwardly revised 76.3 in December.
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