(CNBC) -- Stocks rallied Monday as investors looked ahead to a packed week with congressional midterm elections and key inflation data on deck over the next few days, and shrugged off a supply warning from Apple.
The Dow Jones Industrial Average traded higher by 425 points, or 1.31%, while the S&P 500 gained 0.97%. The Nasdaq Composite rose 0.85%, after trading between gains and losses earlier in the session. All three major averages notched a second straight day of gains.
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Apple shares gained roughly 0.3%, after falling more than 1% earlier, after the tech company said iPhone production has been temporarily reduced because of Covid-19 restrictions in China. Palantir shares, meanwhile, declined roughly 12% after the company posted disappointing quarterly results. Carvana tumbled about 15%.
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