US stocks closed higher on Monday, led by tech shares, as oil prices climbed and investors closely eyed economic conditions.
|I:DJI||DOW JONES AVERAGE||34862.31||-59.57||-0.17%|
|I:COMP||NASDAQ COMPOSITE INDEX||14277.433934||-255.12||-1.76%|
The Dow Jones Industrial Average rose 103.61 points to 34,921.88, while the S&P 500 and Nasdaq were up 0.81% and 1.90%, respectively.
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Oil popped above the $100 per barrel mark as Americans continue to feel the pain from soaring gas prices and the Russia-Ukraine conflict continues. According to AAA, Tuesday’s national average gas price stands at $4.18 per gallon.
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In stocks, Twitter shares surged more than 27% after Tesla CEO Elon Musk disclosed a 9.2% stake in the social media giant.
Hertz has gained more than 10% after announcing an agreement to purchase up to 65,000 electric vehicles from Sweden’s Polestar over the next five years.
Meanwhile, Starbucks shares finished down nearly 4% after the coffee chain announced it will suspend its share repurchase program. The move came as Howard Schultz returned to the helm as interim CEO, replacing Kevin Johnson.
Shares in Hong Kong-traded Chinese companies rose after regulators in Beijing revised rules regarding access of overseas regulators to their audits of companies that have shares listed in overseas markets.
The Chinese financial magazine Caixin reported that China proposed the revisions of rules restricting sharing of financial data of offshore-traded companies to help resolve a longstanding dispute with the US that could result in more than 200 Chinese stocks being kicked off American exchanges. It would remove a requirement that on-site inspections of overseas-traded Chinese companies mainly be conducted by Chinese regulators, Caixin said.
|TME||TENCENT MUSIC ENTERTAINMENT GROUP||5.19||-0.17||-3.21%|
|BABA||ALIBABA GROUP HOLDING LTD.||117.50||+7.30||+6.62%|
JD.com and Tencent Music Entertainment each surged 7%, while Alibaba jumped over 6% and NetEase climbed 2%.
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Hong Kong’s Hang Seng index is up 2.1% after Chief Executive Carrie Lam said she would not seek a second term as the city’s top official. Meanwhile, the Nikkei 225 is up 0.25% and South Korea’s Kospi is up 0.6%.
The Associated Press contributed to this report