The Dow Jones Industrial Average rose Monday as investors unloaded large technology stocks in favour of banking and energy.
The Dow climbed 286 points, or 0.7%. The S&P 500 was close to flat, while the tech-heavy Nasdaq Composite fell 0.7%.
The information technology sector fell the most on the day, by 1.5%. Meanwhile, oil, financials, and utilities were all up by more than 1%.
Dow members JPMorgan Chase, Goldman Sachs, and Chevron all increased by more than 1%. Nvidia plunged more than 5%, adding to its 4% drop last week, which ended an eight-week winning streak.
The decline came after Nvidia briefly dethroned Microsoft as the most valued firm in the United States. Chart experts also identified bearish trends in Nvidia’s recent trading activity.
Source (CNBC)
