NETANYA, Israel (AP) — Ultra-Orthodox Jews from the Sanz Hasidic dynasty celebrated the Jewish holiday of Tu BiShvat, the “New Year of the Trees,” in Netanya, Israel.
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Ultra-Orthodox Jews from the Sanz Hasidic dynasty celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Netanya, Israel, Monday, Feb. 2, 2026. (AP Photo/Ariel Schalit)
Ultra-Orthodox Jews from the Nadvorna Hasidic dynasty pass a platter of fruit during celebrations marking the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in the ultra-Orthodox town of Bnei Brak, Israel, Monday, Feb. 2, 2026. (AP Photo/Oded Balilty)
Ultra-Orthodox Jews from the Belz Hasidic dynasty celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Jerusalem, Monday, Feb. 2, 2026. (AP Photo/Ohad Zwigenberg)
Ultra-Orthodox Jews from the Nadvorna Hasidic dynasty celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Jerusalem, Monday, Feb. 2, 2026. (AP Photo/Ohad Zwigenberg)
Ultra-Orthodox Jews from the Belz Hasidic dynasty celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Jerusalem, Monday, Feb. 2, 2026. (AP Photo/Ohad Zwigenberg)
Ultra-Orthodox Jews from the Belz Hasidic dynasty pass plates of fruit during celebrations marking the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Jerusalem Monday, Feb. 2, 2026. (AP Photo/Ohad Zwigenberg)
Ultra-Orthodox Jews from the Sanz Hasidic dynasty gather around long table with fruit to celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Netanya, Israel, Monday, Feb. 2, 2026. (AP Photo/Ariel Schalit)
Ultra-Orthodox Jews from the Nadvorna Hasidic dynasty celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in the ultra-Orthodox town of Bnei Brak, Israel, Monday, Feb. 2, 2026. (AP Photo/Oded Balilty)
Ultra-Orthodox Jews from the Belz Hasidic dynasty celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Jerusalem, Monday, Feb. 2, 2026. (AP Photo/Ohad Zwigenberg)
Ultra-Orthodox Jews from the Belz Hasidic dynasty hold fruit during celebrations marking the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Jerusalem, Monday, Feb. 2, 2026. (AP Photo/Ohad Zwigenberg)
Ultra-Orthodox Jews from the Sanz Hasidic dynasty prepare a table with fruit to celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Netanya, Israel, Monday, Feb. 2, 2026. (AP Photo/Ariel Schalit)
Ultra-Orthodox Jews from the Sanz Hasidic dynasty celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Netanya, Israel, Monday, Feb. 2, 2026. (AP Photo/Ariel Schalit)
Ultra-Orthodox Jews from the Nadvorna Hasidic dynasty pass a platter of fruit during celebrations marking the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in the ultra-Orthodox town of Bnei Brak, Israel, Monday, Feb. 2, 2026. (AP Photo/Oded Balilty)
Ultra-Orthodox Jews from the Belz Hasidic dynasty celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Jerusalem, Monday, Feb. 2, 2026. (AP Photo/Ohad Zwigenberg)
Ultra-Orthodox Jews from the Nadvorna Hasidic dynasty celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Jerusalem, Monday, Feb. 2, 2026. (AP Photo/Ohad Zwigenberg)
Ultra-Orthodox Jews from the Belz Hasidic dynasty celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Jerusalem, Monday, Feb. 2, 2026. (AP Photo/Ohad Zwigenberg)
Ultra-Orthodox Jews from the Belz Hasidic dynasty pass plates of fruit during celebrations marking the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Jerusalem Monday, Feb. 2, 2026. (AP Photo/Ohad Zwigenberg)
Ultra-Orthodox Jews from the Sanz Hasidic dynasty gather around long table with fruit to celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Netanya, Israel, Monday, Feb. 2, 2026. (AP Photo/Ariel Schalit)
Ultra-Orthodox Jews from the Nadvorna Hasidic dynasty celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in the ultra-Orthodox town of Bnei Brak, Israel, Monday, Feb. 2, 2026. (AP Photo/Oded Balilty)
Ultra-Orthodox Jews from the Belz Hasidic dynasty celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Jerusalem, Monday, Feb. 2, 2026. (AP Photo/Ohad Zwigenberg)
Ultra-Orthodox Jews from the Belz Hasidic dynasty hold fruit during celebrations marking the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Jerusalem, Monday, Feb. 2, 2026. (AP Photo/Ohad Zwigenberg)
Ultra-Orthodox Jews from the Sanz Hasidic dynasty prepare a table with fruit to celebrate the Jewish holiday of Tu Bishvat, the "New Year of the Trees," in Netanya, Israel, Monday, Feb. 2, 2026. (AP Photo/Ariel Schalit)
NEW YORK (AP) — Wild swings that swept through financial markets overnight eased as trading headed westward to Wall Street on Monday. U.S. stocks rose following sharp drops in Asia and then gains in Europe, while gold and silver prices rallied back from severe earlier losses.
The S&P 500 added 0.7% and is on track to snap a three-day losing streak. The Dow Jones Industrial Average was up 537 points, or 1.1%, as of 2:08 p.m. Eastern time, and the Nasdaq composite was 1% higher.
Stocks of companies that make computer storage helped lead the market, adding to gains from last week following several profit reports that topped analysts' expectations. Airlines and cruise-ship operators were also strong, benefiting from a sharp easing of oil prices.
The center of the action in financial markets was again precious metals, where momentum has suddenly halted after gold’s price had roughly doubled in just 12 months.
Gold briefly dropped below $4,500 per ounce in the overnight hours, down more than $1,000 from its high point reached just last week. It has since pulled back to $4,672.10, down 1.5%.
Silver’s price has been on an even wilder ride recently, and it swung from a 9% loss overnight to a gain of 0.1%.
Gold and silver prices had been surging as investors looked for safer things to own amid a wide range of worries, including a Federal Reserve that may be set to become less independent, a U.S. stock market that critics say is expensive, threats of tariffs and heavy debt loads for governments worldwide.
Their prices cratered on Friday, including a 31.4% plunge for silver. Some on Wall Street saw it as a result of President Donald Trump’s nomination of Kevin Warsh as the next chair of the Fed. Warsh’s reputation as a former Fed governor may have raised expectations among some investors that he may keep interest rates high to fight against inflation, which would reduce the need to hide out in gold and silver for protection.
But many on Wall Street are also skeptical of that initial reading and say the expectation from Trump is likely that Warsh will cut interest rates, something the president has been demanding. That could give the economy a boost, but also inflation.
The Fed chair has a big influence on the economy and markets worldwide by helping to dictate where the U.S. central bank moves interest rates. That affects prices for all kinds of investments, as the Fed tries to keep the U.S. job market humming without letting inflation get out of control.
The job market has been broadly weakening and is being closely watched by the Fed. The next big monthly update for January was scheduled to be released on Friday, but is now postponed because of the partial federal government shutdown.
The recent swoons for gold and silver are likely more about the washout for some traders who had borrowed money to bet on metals’ prices continuing to soar, rather than about a wholesale change in expectations for demand for metals, according to Darrell Cronk, chief investment officer for Wealth & Investment Management at Wells Fargo
On Wall Street, Sandisk leaped 16.1% to lead the S&P 500. The data-storage company added to its 6.9% gain from Friday, after it reported stronger profit for the latest quarter than analysts expected. It credited demand created by the artificial-intelligence boom, among other things.
That helped offset a 0.6% drop for Nvidia, whose chips are powering much of the world’s move into AI technology. The losses were worse in Asia, where AI winners plunged. South Korea’s Kospi fell 5.3% from its record for its worst day in almost 10 months after chip company SK Hynix lost nearly 9%.
The Walt Disney Co. fell 6.8% even though the entertainment giant reported a stronger profit for the latest quarter than analysts expected. It warned of challenges keeping international visitors away from its U.S. theme parks, among other things.
Oil prices dropped more than 5% after Trump told reporters that Iran is “seriously talking to us.” It’s a potential signal of improving relations between the two countries, which could prevent a possible disruption to the global flow of oil.
That could mean less painful fuel bills for airlines and cruise ships. Carnival steamed 8.2% higher, and United Airlines climbed 5.7%.
In the bond market, Treasury yields edged higher after a report said that U.S. manufacturing grew last month, when economists were expecting a contraction. The yield on the 10-year Treasury erased an earlier dip and rose to 4.27%, up from 4.26% late Friday.
In stock markets abroad, European indexes rose roughly 1% following Asia’s washout. Japan’s Nikkei 225 fell 1.3%, while stocks fell 2.2% in Hong Kong and 2.5% in Shanghai.
AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
Trader Michael Capolino works on the floor of the New York Stock Exchange, Monday, Feb. 2, 2026. (AP Photo/Richard Drew)
Trader Robert Charmak works on the floor of the New York Stock Exchange, Monday, Feb. 2, 2026. (AP Photo/Richard Drew)
Traders Drew Cohen, left, and Dylan Halvorsan work on the floor of the New York Stock Exchange, Monday, Jan. 26, 2026. (AP Photo/Richard Drew)
People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Feb. 2, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Feb. 2, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Feb. 2, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Feb. 2, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A currency trader talks on the phone near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between U.S. dollar and South Korean won, top center left, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Jan. 30, 2026. (AP Photo/Ahn Young-joon)
