S&P 500 continued its positive momentum on Monday, extending its winning streak for the seventh consecutive week. The Dow Jones Industrial Average remained relatively unchanged, gaining a mere 0.86 points or 0.00% to reach 37,306.02. Meanwhile, the S&P 500 experienced a 0.45% increase to reach 4,740.56, and the Nasdaq Composite, which is predominantly composed of technology stocks, advanced 0.61% to reach 14,904.81.
The S&P 500 is now just 1.2% away from its all-time closing high of 4,796.56, which was achieved in January of this year. Within the S&P 500, the communication services sector outperformed, witnessing a growth of 1.9%. Notably, mega-cap tech companies, such as Meta Platforms, saw an increase of approximately 3%, while Google-parent Alphabet experienced a significant jump of over 2%.
Another notable development was the surge in U.S. Steel shares by 26%, following an announcement by Japan’s Nippon Steel that they would acquire the company in a deal valued at $14.9 billion.
The S&P 500 has now achieved its longest stretch of weekly gains since 2017, with the overall market index reflecting a 3.8% increase for the month. Similarly, the Dow has seen a 3.8% improvement, and the Nasdaq has experienced a 4.8% gain. Notably, the Dow reached an intraday record on Friday, while the Nasdaq 100 achieved a new closing high.
Source (CNBC)
