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To Record Its Longest Winning Run Since January, the Nasdaq Closes Higher On Monday

Monday’s modest gains in stocks built on the robust surge of the previous week, with the Nasdaq Composite recording its longest winning run since January.

About 0.2% and 0.3%, respectively, were gained by the S&P 500 and Nasdaq Composite. A 0.1% gain, or 34 points, was made to the Dow Jones Industrial Average.

Adam Sarhan, CEO of 50 Park Investments, stated, “What we’re witnessing is the market taking a moment to process that really significant gain last week.” “The market is simply consolidating its recent increase while it waits for the next bullish catalyst to emerge, which could probably be one of Powell, the Fed chair, or earnings.”

Ahead of its results report, optimism from Bank of America helped Nvidia rise by 0.8%. After revealing that its CEO will retire in January, Bumble’s stock fell by about 6%. Following a downgrade by Wells Fargo, shares of SolarEdge Technologies fell 7%.

The 10-year Treasury yield last increased by almost 10 basis points to 4.66%, reversing the trend of the previous week.

The most recent week for stocks in 2023 was its strongest one. The Dow experienced its greatest weekly gain since October 2022, and the S&P and Nasdaq Composite recorded their best performances since November 2022. Bond yields declined as a result of a weak monthly jobs data, which also helped stocks.

Source (CNBC)

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