Advanced Micro Devices Joins the $1 Trillion Club

Wall Street climbed to the edge of its all-time high on Monday, and stocks rallied worldwide after oil prices and yields in the bond market surrendered their market-rattling gains from last week.

• The S&P 500 rose 114.20 points, or 1.5%, to 7,764.70, pulling within 0.4% of its record.
• The Dow Jones Industrial Average rose 366.19 points, or 0.7%, to 52,048.83.
• The Nasdaq composite rose 599.55 points, or 2.3%, to 27,122.09.

Stocks benefited from a drop for Brent oil back toward $100 per barrel, while the 10-year Treasury yield fell to 4.95%, the AP reports. The easing pressure helped indexes rise more than 1% from Germany to Hong Kong to South Korea.

On Wall Street, stocks in the artificial-intelligence industry continued to stabilize following their worldwide slide at the start of last week. Advanced Micro Devices rallied 9.9% and saw its total market value hit $1 trillion, while Nvidia added 2.3%. Stocks enmeshed in the cryptocurrency industry, meanwhile, rallied after bitcoin's price rose back above $85,000 and returned to where it was in January. Coinbase Global jumped 3.5%, and Robinhood Markets rose 2.9%. Warner Bros. Discovery leaped 10.8% after 12 states and Hollywood writers challenging its buyout by Paramount agreed to settle their lawsuits. Paramount Skydance fell 2.9%.

Stocks got help from the price for a barrel of Brent oil falling 3.4% to $100.34. While that's still much higher than its roughly $72 price from earlier this summer, it's down from the nearly $110 it touched last week. With big US companies continuing to deliver strong growth in profits that support their stock prices, Morgan Stanley's Michael Wilson says another leg higher in prices for oil, gasoline and other refined products is the main near-term risk he sees that could keep the US stock market from rising to his forecasted target for the year's end.

• Worries remain about how much oil is available for customers worldwide, ING commodities strategists Ewa Manthey and Warren Patterson wrote in a commentary on Monday. However, they said profit-taking by investors after the recent jump in oil prices, together with hopes for constructive discussions at this week's UN General Assembly and at a meeting between China's and the United States' leaders, helped improve optimism.