Stock market today: Wall Street rises to reverse some of last week’s losses

NEW YORK — U.S. stocks closed higher, recovering roughly half of Wall Street’s losses from last week. The S&P 500 rose 0.7% Monday. The Dow Jones Industrial Average added 87 points, and the Nasdaq composite climbed 1.1%. Treasury yields held relatively steady after a swift rise earlier hurt stock prices. Where yields head next will likely depend on several big U.S. economic reports due this upcoming week on inflation and retail sales.

Tech stocks led the market lower last week as yields climbed in the bond market. Higher yields hurt all kinds of stocks, but high-growth stocks tend to be among the hardest hit. Yields rose last week after reports showed the U.S. economy remains stronger than expected, which could be adding more fuel to pressures keeping inflation high.

With Fed officials no longer giving speeches ahead of their meeting next week on interest rates, “the data will do all of the talking this week,” economists at Deutsche Bank said in a report. Yields were holding relatively steady on Monday, with the 10-year Treasury yield up to 4.28% from 4.26% late Friday. The two-year Treasury yield, which moves more closely with expectations for the Fed, edged lower to 4.97% from 4.99% late Friday..

Apple rose 0.7% ahead of a Tuesday event where it’s expected to release its latest iPhone model. How Apple performs has great consequence for the market because it's the most valuable stock on Wall Street. That means its movements pack more weight on the S&P 500 and other indexes than any other stock.

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