Stocks Rise After Best Week of the Year, Tesla Hits $1 Trillion Market Cap, Cryptocurrency Stocks Surge
Stocks rose on Monday following Wall Street's best week of the year. The S&P 500 traded above 6000, with a gain of 4.7%, and the Dow Jones Industrial Average finished with a gain of 4.6%. Tesla jumped 8.4% and reached a market cap above $1 trillion for the first time since April 2022. Cryptocurrency-linked stocks, including Coinbase, MARA Holdings, MicroStrategy, and Robinhood Markets, surged as Bitcoin traded above $82,000. Cigna rose 6.6% after announcing it would not pursue a combination with Humana. AbbVie tumbled 12% after disappointing Phase 2 study results for its schizophrenia treatment. Monday.com declined 19% after reporting a loss in the third quarter. Earnings reports are expected later in the week from various companies.