By Yasin Ebrahim
Investing.com – The Dow extended its gains into the close Monday as investors cheered news that President Donald Trump will be discharged from the hospital later today, and a jump in energy.
The Dow Jones Industrial Average rose 1.7%, 465 points. The S&P 500 was up 1.8%, while the Nasdaq Composite gained 2.3%.
Trump will be leaving Walter Reed National Military Medical Center at 6:30 p.m. ET on Monday.
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The president's doctors confirmed Trump had received experimental Covid-19 treatments developed by both Regeneron Pharmaceuticals (NASDAQ:REGN) and Gilead Sciences (NASDAQ:GILD), sending shares up 7% and 2%, respectively.
Energy, meanwhile, ended up more than 2% to lead the broader market higher as oil prices rose 6% on fears of supply disruptions amid a strike in Norway's energy industry and a tropical storm forecast for the U.S. gulf coast.
Occidental Petroleum (NYSE:OXY), Valero Energy (NYSE:VLO) and Devon Energy (NYSE:DVN) were among the biggest gainers in energy.
Tech also led the move higher as Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) Alphabet (NASDAQ:GOOGL), Facebook (NASDAQ:FB) rose more than 1% while Amazon.com (NASDAQ:AMZN) was up 2%. Together these five stocks make up a quarter weighting of the S&P 500.
In other tech news, DocuSign (NASDAQ:DOCU) jumped 3.5% after Morgan Stanley upgraded the stock to overweight from equal weight, citing strong fundamentals.
Financials, mostly banks - ahead of their quarterly earnings expected next week - were pushed higher by rising bond yields as the United States 10-Year rose to its highest levels since August.
Bank of America (NYSE:BAC) rose more than 1%, while Citigroup (NYSE:C) and JPMorgan Chase (NYSE:JPM) added more than 2%.
The move higher in value stocks like financials was also supported increasing hopes that U.S. Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi will be able to progress their weekend talks to a deal.
The economy has appeared resilient despite the lack of stimulus as data showed services activity last month topped economists' estimates.
"The headline PMI improved in September to 57.8 from 56.9. The index remains off the July high of 58.1 (strongest since February 2018), but the details of the data are the most encouraging that we have seen since the recovery began," Jefferies (NYSE:JEF) said in a note.