Wall Street Rebounds on Bargain Hunting as Nasdaq Gains 0.8%

U.S. stocks closed higher Monday as traders bought at reduced levels following two sessions of losses, with the Nasdaq rising 214.04 points, or 0.8%, to 26,169.38. The S&P 500 climbed 53.09 points, or 0.7%, to 7,676.77, and the Dow added 146.32 points, or 0.3%, to 52,361.58. The rebound followed the Nasdaq's lowest close since early August on Friday and a one-month closing low for the S&P 500. Buying interest was also fueled by a drop of more than 1% in U.S. crude oil futures amid news Saudi Defense Minister Prince Khalid bin Salman traveled to Tehran to discuss de-escalating Middle East tensions, and by Anthropic's public filing for an initial public offering. Networking stocks led sector gains, with the NYSE Arca Networking Index up 2.9%, while the Philadelphia Semiconductor Index surged 2.8%. Traders awaited the Federal Reserve's policy announcement on Wednesday, with rates expected to stay unchanged and a quarter-point hike anticipated in December. Amazon, Microsoft and Alphabet are due to report earnings next week.