Wall Street gains ground as crude prices and oil company stocks rise
after the US raid on Venezuela
[January 06, 2026] By
DAMIAN J. TROISE
NEW YORK (AP) — Stocks gained ground on Wall Street Monday to kick off
their first full week of the new year.
The gains were broad, with particularly big jumps for energy companies
and banks. Elsewhere, industrial companies and retailers joined in to
help boost major indexes.
The S&P 500 rose 43.58 points, or 0.6%, to 6,902.05. The benchmark index
is just below its record set in late December. The Dow Jones Industrial
Average set a record, rising 594.79 points, or 1.2%, to 48,977.18.
The Nasdaq composite rose 160.19 points, or 0.7%, to 23,395.82.
Smaller company stocks had a particularly strong day, outpacing other
indexes, in a sign of broader investor confidence. The Russell 2000 rose
1.6%.
Markets in Europe also gained ground.
Energy companies and the oil market were a key focus after U.S. forces
captured Venezuelan President Nicolás Maduro in a weekend raid. The
price of U.S. crude jumped 1.7% to $58.32 per barrel. The price of Brent
crude, the international standard, rose 1.7% to $61.76 per barrel.
President Donald Trump has floated a plan for U.S. oil companies to help
rebuild Venezuela’s oil industry. Chevron jumped 5.1%, Exxon Mobil rose
2.2% and Halliburton surged 7.8% for some of the strongest gains in the
market.
After years of neglect and international sanctions, Venezuela’s oil
industry is in disrepair. It could take years and major investments
before production can increase dramatically. But some analysts expect
its current output of about 1.1 million barrels a day could double or
triple fairly quickly.
Big banks also made solid gains. JPMorgan Chase rose 2.6% and Bank of
America jumped 1.7%.
Wall Street is also watching the technology sector as the industry kicks
off its annual CES trade show in Las Vegas. Nvidia fell 0.4% and Applied
Materials jumped 5.7%.
Investors are particularly focused on advancements in artificial
intelligence, or AI. The sector led the broader market to a series of
records in 2025 on expectations that AI will continue to drive
advancements and profits for a wide range of technology companies. The
latest updates on AI from influential technology companies could help
shed more light on whether the big investments are worth the potential
financial risks.
Companies like Nvidia have been heavily investing in the technology,
while investors on Wall Street have made those companies among the most
valuable in the world. Their outsized valuations now drive much of the
movement for major indexes, including the record run for major indexes
in 2025.
The broader market is poised to gain even more ground as last year's
momentum continues with growing corporate earnings and several other
factors, according to Mark Hackett, chief market strategist at
Nationwide.
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Trader Thomas McCauley, foreground, and a colleague work on the
floor of the New York Stock Exchange, Friday, Jan. 2, 2026. (AP
Photo/Richard Drew)
 “The market’s broad, confident and
consistent march upward, and the absence of emotion-based selling,
tells you we’re starting the year on pretty solid footing,” Hackett
wrote, in a note to investors.
Gold gained 2.8% and the price of silver soared 7.9%. Such assets
are often considered safe havens in times of geopolitical turmoil.
The metals have notched record prices over the last year amid
lingering economic concerns brought on by conflicts and trade wars.
Bitcoin rose to its highest level since mid-November, hitting
$94,700. Coinbase jumped 7.8% and Robinhood Markets jumped 7% for
two of the markets biggest gains.
Treasury yields fell in the bond market. The yield on the 10-year
Treasury fell to 4.15% from 4.19% late Friday. The yield on the
two-year Treasury, which moves more closely with expectations for
what the Federal Reserve will do, fell to 3.45% from 3.48% late
Friday.
Wall Street will get several economic updates this week that will
also be watched by the Fed as it determines interest rate policy.
On Monday, the Institute for Supply Management released its
manufacturing index for December showing the sector continued
shrinking. More importantly, the business group will release its
December report on the services sector on Wednesday. The services
sector makes up the bulk of the U.S. economy and it grew, even if
only slightly, throughout most of 2025.
Reports on the job market later this week, which include updates for
job openings and overall employment, will be a bigger focus for the
Fed. The central bank has been weighing a slowing job market against
risks for rising inflation as it decides whether to cut interest
rates. It cut its benchmark rate three times late in 2025, but
inflation has remained above its 2% target and that has made the Fed
more cautious.
Wall Street still expects the Fed to hold rates steady at its
upcoming meeting later in January.
___
AP business writer Elaine Kurtenbach and AP video journalist Mayuko
Ono contributed to this report.
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