Most U.S. stocks ticked higher Monday to recover some of their sharp slide from last week.
The S&P 500 rose 0.4% for its first gain in three days. The Dow Jones industrial average slipped 55 points, or 0.1%, and the Nasdaq composite gained 0.6%.
CVS Health rallied 5.4% after adding four new directors to its board. The health giant did so following discussions with a major investor, hedge-fund owner Glenview Capital Management. Its CEO, Larry Robbins, is one of the new directors.
Liberty Energy also helped pull the market upward after rising 4.9%. President-elect Donald Trump named its CEO, Chris Wright, as his Secretary of Energy.
Trading of Spirit Airlines’ stock, meanwhile, was halted after the budget carrier reached an agreement with its debtholders on a plan to take it through Chapter 11 bankruptcy protection.
All told, the S&P 500 rose 23.00 points to 5,893.62. The Dow fell 55.39 to 43,389.60, and the Nasdaq composite rose 111.69 to 18,791.81.
Stocks regained some momentum after giving back more than half their postelection gains at the end of last week.
More recently, though, investors have braced for some of the potential downsides for the market of Trump’s reshaping of the economy. Moderna rose 7.2% on Monday but is still down since word came out that Trump wants Robert F. Kennedy Jr., a prominent anti-vaccine activist, to lead the Department of Health and Human Services.
Worries about potentially higher inflation under Trump have also sent Treasury yields upward in the bond market.
Several big-name companies will be reporting their latest quarterly results this week, including market heavyweight Nvidia on Wednesday.
Other big companies set to report this week include Lowe’s and Walmart on Tuesday, Target on Wednesday and Deere on Thursday.
In the bond market, Treasury yields edged lower, which helped keep things calmer in the stock market. The yield on the 10-year Treasury fell to 4.41% from 4.45% late Friday.
— Associated Press