Wall Street sought to capitalize on last week’s gains as the S&P 500 surged by around 1% on Monday, setting a new high.
While the Dow Jones Industrial Average increased by 217 points, or 0.6%, the Nasdaq Composite had a 1.2% increase.
It appears that the economy is robust as the economic data is becoming more consistent and stronger. Yes, there is bullishness and excitement around the possibility of a rate drop beginning in the near future.
The S&P megaCap technology stocks drove the surge, giving the information technology sector a 1.2% boost. Apple increased by 2%, whereas Microsoft increased by more than 1%. Moreover, Meta Platforms, Amazon, and Alphabet all placed higher.
Following State Street’s announcement that the chipmaker will probably have a more than 20% weighting in the rebalance of its tech exchange-traded fund before changing course, Nvidia crept closer to all-time highs. After rising 23% last week, Broadcom shares gained 5.4% to reach all-time highs.
Source (CNBC)
