Stocks rose on Monday, recovering from last week's losses as chipmakers surged.
The Dow Jones Industrial Average traded 79 points higher, or 0.2%. The S&P 500 gained 0.8%, and the Nasdaq Composite gained 1.3%.
Chip stocks led the gains after Foxconn reported record fourth-quarter revenue. Nvidia and Broadcom rose more than 3.2% and 2.9%, respectively, while Micron Technology gained 9%.
Market sentiment was also helped Monday by a Washington Post report that said President-elect Donald Trump's tariff plan would be narrower than anticipated. The report said the levies would only cover essential imports. Trump had called for "universal" tariffs of 10% to 20% during his campaign.
Shares of Ford and General Motors rose 2% on optimism that Trump's more restrained tariff policy would not trigger a global trade war.
Investors enter another shortened trading week — which will end the next of the first five trading days in January — on an uncertain note and with lingering concerns about the Federal Reserve's interest rate outlook. The New York Stock Exchange will be closed Thursday to mourn the passing of former President Jimmy Carter.
Source: CNBC
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