Stocks closed higher on Wall Street on Monday, led by a mix of energy companies and banks.
- The S&P 500 rose 43.58 points, or 0.6%, to 6,902.05.
- The Dow Jones Industrial Average rose 594.79 points, or 1.2%, to a record high of 48,977.18.
- The Nasdaq composite rose 160.19 points, or 0.7%, to 23,395.82.
Energy companies and the oil market were a key focus after US forces seized Venezuelan President Nicolas Maduro in a weekend raid, the
AP reports. The price of US crude jumped 1.7% to $58.32 per barrel. The price of Brent crude, the international standard, rose 1.7% to $61.76 per barrel.
President Trump has floated a plan for US oil companies to help rebuild Venezuela's oil industry. Chevron surged 5.1%, Exxon Mobil rose 2.2%, and ConocoPhillips rose 2.6% for some of the strongest gains in the market. After years of neglect and international sanctions, Venezuela's oil industry is in disrepair. It could take years and major investments before production can increase dramatically. But some analysts expect its current output of about 1.1 million barrels a day could double or triple fairly quickly.
Big banks also made solid gains. JPMorgan Chase rose 2.6% and Bank of America jumped 1.6%. Wall Street is also watching the technology sector as the industry kicks off its annual CES trade show in Las Vegas. Nvidia fell 0.4%. Investors are particularly focused on advancements in artificial intelligence. The sector led the broader market to a series of records in 2025 on expectations that AI will continue to drive advancements and profits for a wide range of technology companies.
Gold gained 2.8% and the price of silver soared 7.9%. Such assets are often considered safe havens in times of geopolitical turmoil. The metals have notched record prices over the last year amid lingering economic concerns brought on by conflicts and trade wars.
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