Dow jumps 1,100 points and S&P 500 has its best day since April as oil prices slide

NEW YORK (Nov. 9) — Wall Street clawed back a big piece of last week's losses on Monday, with the Dow Jones Industrial Average gaining more than 1,100 points as a sharp drop in oil prices eased worries about inflation.

The Dow rose 1,104.02 points, or 2.15%, to close at 52,389.75, CNBC reported. The S&P 500 gained 2.35% to 7,549.94, its best day since April 8, and the Nasdaq Composite climbed 2.74% to 25,253.14. CNBC said the Dow finished above where it closed on Election Day, while the S&P 500 and Nasdaq remain slightly below those levels.

Stocks fell hard last week after Democrats' midterm wins fed concerns that new regulations could slow the artificial intelligence boost to the market, Reuters reported. On Monday, all 11 major sectors of the S&P 500 rose, led by industrial and consumer discretionary stocks, which each gained more than 3%.

Oil helped set the tone. U.S. crude settled down 4.38% at $86.85 a barrel and Brent, the international benchmark, fell 5.85% to $92.57, according to CNBC, after President Donald Trump played down the chance of renewed strikes on Iran.

Chipmakers, which led last week's sell-off, bounced back. Reuters said the Philadelphia Semiconductor Index jumped 6.9%, with Advanced Micro Devices up 13.3% and Broadcom up 8.8%. Nvidia was the only decliner in that index, falling 4.2% to its lowest close since April 7 as investors weighed questions about CEO Jensen Huang's future following an internal investigation into whether a foreign intelligence effort targeted him.

Investors now turn to inflation data. The Labor Department releases its October Consumer Price Index on Tuesday and the Producer Price Index on Friday, Reuters reported. Traders still see a better than 80% chance of a Federal Reserve rate hike at its December meeting, according to CME FedWatch figures cited by Reuters.