U. S. stock markets closed sharply higher on Monday, March 16, 2026, as a retreat in oil prices and positive sentiment surrounding technology stocks spurred a broad market rally. The Dow Jones Industrial Average surged 387.94 points, or 0.83%, to close at 46,946.41. The S&P 500 gained 69.92 points, or 1.05%, finishing at 6,702.18, and the Nasdaq Composite advanced 268.82 points, or 1.22%, to 22,374.18.
The rebound comes after a volatile period, with the S&P 500 recording its third consecutive weekly decline on Friday. Easing energy prices provided a key catalyst, as West Texas Intermediate (WTI) crude oil fell below $93 a barrel. The retreat in oil prices offered a reprieve after prices had spiked due to ongoing conflict in the Middle East and disruptions in key shipping lanes like the Strait of Hormuz.
Technology stocks led the market's resurgence. Meta Platforms climbed over 2% following reports of potential workforce reductions. Nvidia also saw gains, rising more than 1% as its GTC conference began and CEO Jensen Huang unveiled new AI architectures. Huang is forecasting a minimum of $1 trillion in advanced AI chip revenue by 2027, which strengthens Nvidia's long-term AI infrastructure narrative even further.
The gains were broad-based, with a majority of stocks in the S&P 500 advancing. Investors are also anticipating the Federal Reserve's upcoming FOMC meeting, where the central bank is expected to hold steady on interest rates amid ongoing economic uncertainty.
