The broader market advanced on Monday despite continued weakness for technology stocks, led primarily by Apple.
For the S&P 500, it was the benchmark’s fourth gain in five sessions as investors continued to recover from a bruising October owing to concerns about higher interest rates and trade tension between the US and China among others.
A strong jobs report on Friday revived the likelihood of the Federal Reserve lifting interest rates in December, prompted a sharp sell-off in Treasuries as yields jumped and triggered declines for stocks. Yields stabilised on Monday, though.
The S&P 500 was up 0.6 per cent, with the energy, financials, utilities and consumer staples sectors all up by more than 1 per cent. Technology, down 0.6 per cent, was the only segment to close in the red, according to Refinitiv data.
The Dow Jones Industrial Average added 0.8 per cent, boosted by a 3.8 per cent jump for IBM, while Apple did its best to keep the gauge in check.
A report from the Nikkei Asian Review that Apple had asked two of its key contractors to halt plans to ramp up production of the new XR model took its toll on shares. Apple finished 2.8 per cent lower, with its decline weighing on the Nasdaq Composite, which was down 0.4 per cent.
The US Treasury market was a touch firmer on Monday. The yield on the benchmark 10-year Treasury was down 1.1 basis points at 3.2027 per cent.
The dollar was weaker, with the DXY index down 0.2 per cent at 96.341. Last week, the index reached is highest level since mid-2017.
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