Market News, January 22, 2024: Dow Passes 38,000; S&P 500 Adds to Record as Treasury Yields and Bitcoin Retreat

Stocks surged on Monday, with the Dow closing above 38,000 for the first time and the S&P 500 reaching a new high for the second day in a row.

The Dow Jones Industrial Average jumped 0.4%, the Nasdaq Composite added 0.3%, and the S&P 500 rose 0.2%.

Treasury yields have fallen after steadily rising last week. The Fed's favoured inflation gauge, the Personal Consumption Expenditures (PCE) price index, is expected to impact Treasurys when it is released on Friday.

Bitcoin momentarily dropped below $40,000 for the first time since early December. Cryptocurrencies have declined since the SEC approved 11 spot Bitcoin ETFs earlier this month.

Earnings season will continue this week, with results from many major companies, including Johnson & Johnson (JNJ) and Netflix (NFLX) on Tuesday, Tesla (TSLA) on Wednesday, and Visa (V) on Thursday.

Stocks rose in a broad rise on Friday, propelling all three main indices into positive territory this week.