Stock Market Today: Stocks Bounce Back; UNP Rallies After CEO Splits
The major benchmarks closed higher Monday after notching their worst week of the year on Friday.


Stocks closed higher Monday, bouncing back after the major benchmarks finished their worst week of 2023 on Friday.
Amid declining Treasury yields, the rate-sensitive tech sector saw big gains, while a surge in the share price of railroad company Union Pacific (UNP) helped lift industrial stocks.
The three main indexes notched weekly losses around 3% last week – their biggest of the year so far. "The weakness in equity markets has come amidst a round of economic data that has been stronger than expected while inflation data has suggested the disinflationary process will be a bumpy road," says Michael Reinking, senior market strategist at the New York Stock Exchange. "Last week, yields moved above their December highs which seemed to be the trigger that finally caused some downside momentum in equity markets."

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Today's economic data was more mixed. While headline durable goods orders fell by a more-than-expected 4.5% month-over-month in January, the core reading, which excludes the volatile nondefense aircraft category, unexpectedly rose 0.7%. Elsewhere, pending home sales jumped a higher-than-anticipated 8.1% last month.
Still, bond yields declined, which sparked buying across Wall Street. The tech-heavy Nasdaq Composite climbed 0.6% to 11,466, the broader S&P 500 gained 0.3% to 3,982, and the blue-chip Dow Jones Industrial Average added 0.2% to 32,889.
In single-stock news, Union Pacific jumped 10.1% after the railroad operator said its CEO Larry Fritz will step down from the position later this year. The C-suite shift comes amid pressure from hedge fund Soroban Capital Partners, which owns roughly 4.6 million UNP shares.
Why Nvidia has been one of the best stocks to own
We've talked a lot about stock picking in this space recently. Whether it be the stocks Warren Buffett is buying and selling or the blue chip stocks favored by hedge funds or the top stock picks of billionaires. All of these show us what the smart money – those with deep pockets and access to research and insights typically not available to the average retail investor – are doing with their money.
But sometimes it's plain old math that reveals where the best investment ideas are. Take Nvidia (NVDA), for instance. Not only has NVDA stock been a recent market-beater, but it's turned in a jaw-dropping return for those who invested $1,000 in the semiconductor stock 20 years ago. And there's reason to believe Nvidia is positioned for more success. NVDA is one of the best AI stocks in the rapidly growing space, and the company's data center and automotive segments are seeing impressive growth.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Stock Market Today: Dow Nears Record High After Verizon Earnings
The Nasdaq also notched a new high on Monday, while the Dow finished with a marginal loss.
-
I Live Next to a Costco Business Center. Here Are 5 Things You Won't Find at a Costco Wholesale
You don't need to own a business to shop at a Costco Business Center. Here are five reasons to visit the one near you.
-
Stock Market Today: S&P 500 Hits High After Verizon Earnings
The Nasdaq also notched a new high on Monday, while the Dow finished with a marginal loss.
-
Stock Market Today: Stocks Step Back From New Highs
Investors, traders and speculators continue the low-volume summer grind against now-familiar uncertainties.
-
Stock Market Today: S&P 500, Nasdaq Hit New Highs on Retail Sales Revival
Strong consumer spending and solid earnings for AI chipmaker Taiwan Semiconductor Manufacturing boosted the broad market.
-
If You'd Put $1,000 Into Berkshire Hathaway Stock 20 Years Ago, Here's What You'd Have Today
Berkshire Hathaway is a long-time market beater, but the easy money in BRK.B has already been made.
-
Stock Market Today: Powell Rumors Spark Volatile Day for Stocks
Stocks sold off sharply intraday after multiple reports suggested President Trump is considering firing Fed Chair Jerome Powell.
-
Stock Market Today: Nasdaq Hits a New High as Nvidia Soars
A big day for Nvidia boosted the Nasdaq, but bank stocks created headwinds for the S&P 500.
-
Stock Market Today: Markets Chop Up More Trump Threats
Stocks are grinding to new highs on light summer volume, and bitcoin is only getting bigger.
-
If You'd Put $1,000 Into Procter & Gamble Stock 20 Years Ago, Here's What You'd Have Today
Procter & Gamble stock is a dependable dividend grower, but a disappointing long-term holding.