Stocks book 4th straight gain to start week and Nasdaq ends 1.5% below record high ahead of earnings kick off

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U.S. stocks on Monday booked sharp gains to start the week ahead of the unofficial start of earnings and continued focus on the coming presidential election and stalled stimulus talks on Congress. The Dow Jones Industrial Average [: DJIA] closed the session up about 250 points, or 0.9%, at around 28,838, while the S&P 500 index [: SPX] closed around 57 points, or 1.6%. at 3,534, and the Nasdaq Composite Index [: COMP] finished the session up 2.6% at 11,876. All three benchmarks registered their fourth straight gains, with the Nasdaq closing around 1.5% from its record close at about 12,056 put in on Sept. 2, which would represent the technology-laden benchmark’s exit from its corrective phase after a 10% decline from that peak on Sept. 8. The market on Monday was primarily driven by gains in large-cap tech-related names, including Facebook Inc. , Amazon.com Inc. , Apple Inc. , Netflix , Google parent Alphabet Inc. and sometimes Microsoft Corp. . Bond markets were closed on the day in observance of Columbus Day.
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