Dow soars 400 points as US stocks add to last week's rally ahead of top tech earnings

• US stocks closed higher yet again after ending last week with strong gains.
• The Dow Jones Industrial added a further 400 points, leading Monday's rally.

US stocks closed higher on Monday, as the rally on Wall Street continued amid investor hopes that the central bank is growing cautious toward more monetary tightening.

The Dow Jones Industrial Average led the latest gains with a jump of more than 400 points. Last week, blue chips ended 4.9% higher, while the S&P 500 and Nasdaq surged 4.7% and 5.2%, respectively.

This week, earnings could be a major stock market catalyst, as investors await quarterly reports from tech giants like Alphabet, Apple, Meta and Microsoft.

Here's where US indexes stood at the 4:30 p.m. closing bell on Monday:

• S&P 500: 3,797.46, up 1.19%

• Dow Jones Industrial Average: 31,499.62, up 1.34% (417.06 points)

• Nasdaq Composite: 10,952.61, up 0.86%

Here's what else is happening today:

• Wells Fargo expects the Federal Reserve to keep interests rate at 5% into next year, which will bring more pain for investors and stocks.
• Barry Sternlicht told Fortune that the Fed's decisions will breach the trust in capitalism.
• The latest decline in the housing market is different from the 2008 Great Financial Crisis, according to a report from Glenmede.

In commodities, bonds and crypto:

• West Texas Intermediate crude dropped 0.48% to $84.62 per barrel. Brent crude, the international benchmark, fell 0.26% to $93.25.
• Gold declined 0.35% to $1,650.82 per ounce.
• The 10-year Treasury yield gained 2.8 basis points to 4.24%.
• Bitcoin added 0.39% $19,387.10