US Stocks extend gains

The US stocks gained ground for second consecutive session on Monday, 31 January 2022, with the Dow, the S&P500, and the Nasdaq indexes all finishing notably above the unchanged line, as investors continued bargain hunting in recently battered stocks, led by tech stocks on brokerage houses rating upgrade.

At the close of trade, the Dow Jones Industrial Average index surged 406.39 points, or 1.17%, to 35,131.86. The S&P500 index climbed up 83.70 points, or 1.89%, to 4,515.55. The tech-heavy Nasdaq Composite Index spurted 469.31 points, or 3.41%, to 14,239.88.

Netflix and Spotify were both upgraded to Buy from Neutral by Citi, while Credit Suisse raised its rating on Tesla's stock to Outperform from Neutral.

ECONOMIC NEWS: Chicago Business Activity Grows At Faster Pace In January-Chicago-area business activity unexpectedly grew at a faster rate in the month of January, according to a report released by MNI Indicators on Monday. MNI Indicators said its Chicago business barometer rose to 65.2 in January from an upwardly revised 64.3 in December, with a reading above 50 indicating growth. The unexpected uptick by the Chicago business barometer was partly due to a notable rebound by the employment index, which jumped to 49.1 in January from 44.5 in December.

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