Wall St. surges as semiconductor index jumps 6.9%; Nvidia bucks rally with 4% drop

All three major US stock indexes surged Monday (local time), lifted by a sharp drop in oil prices and bargain buying in technology shares. Semiconductor stocks, which had tumbled the previous week, rebounded broadly, with buying spreading to industrial and consumer stocks — though Nvidia fell more than 4 percent amid fallout from a board investigation into CEO Jensen Huang.

The Dow Jones Industrial Average closed up 1,104.02 points, or 2.15 percent, at 52,389.75. The S&P 500 rose 173.08 points, or 2.35 percent, to 7,549.94, while the tech-heavy NASDAQ Composite gained 673.71 points, or 2.74 percent, to close at 25,253.14.

A rebound that had begun in technology stocks on Friday spread across the broader market. AMD surged 13.3 percent and Broadcom jumped 8.8 percent. The Philadelphia Semiconductor Index climbed 6.85 percent to close at 10,033.88.

The iShares Semiconductor ETF (SOXX), which had fallen roughly 13 percent the previous week, also rose more than 7 percent. Large-cap technology stocks including Microsoft, Amazon and Tesla also advanced.

Nvidia was a notable exception, falling more than 4 percent after Huang acknowledged an affair with a female executive suspected of being a spy linked to Chinese intelligence agencies.

The stock briefly dropped as low as $170.24 shortly after the open, a decline of as much as 8.79 percent.