Stock market today: Wall Street climbs as Big Tech recovers following worst week in months

NEW YORK — U.S. stocks closed broadly higher, clawing back some of the losses from their worst week since April. The S&P 500 rose 1.1% Monday, breaking a three-day losing streak. It was the first gain for the index since setting an all-time high early last week. The Dow Jones Industrial Average added 0.3%, and the Nasdaq composite gained 1.6%. Big Tech stocks regained some of their sharp drops from last week.

Nvidia rose 4.8%, and other Big Tech stocks likewise regained some of their sharp drops from the week before to support the market. They had sputtered amid criticism they’d grown too expensive after rocketing so high and being the main reasons for Wall Street's run to records. Two of them, Alphabet and Tesla, will report on Tuesday how much profit they earned during the spring in a big test. They each rose at least 2.7%.

But Biden’s stepping aside over the weekend wasn’t that big a surprise for the market. “It was a matter of when, not if,” according to Brian Jacobsen, chief economist at Annex Wealth Management. Other corners of the market that could have swung sharply on uncertainty about the election were also mostly quiet. The U.S. dollar’s value was relatively steady against its biggest rivals.

Verizon Communications tumbled 6.8% after reporting profit for the latest quarter that matched analysts’ expectations but revenue that fell just short.

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