(MENAFN- Baystreet) Dow Rally to Start Short Week
Advertisment
Stocks jumped Monday to start a holiday shortened week, boosted by strong tech gains led by Microsoft and Nvidia.
The Dow Jones Industrials gained 203.76 points to conclude Monday at 35,151.04.
The S&P 500 jumped 33.36 points to 4,547.38.
The NASDAQ gained 159.05 points, or 1.1%, to 14,284.53.
Microsoft shares were up $7.68, or 2.1%, reaching a new 52-week high at $377.53, after CEO Satya Nadella said former OpenAI chief Sam Altman will be joining the tech giant to lead a new AI research team.
Chipmaker Nvidia also added $10.87, or 2.2%, marking a new all-time high for the stock, at $503.85, ahead of its earnings report Tuesday afternoon.
The tech and communication services were the biggest gainers in the S&P 500, tech up 1.6% and communications 1%. Palo Alto Networks jumped $12.21, or 4.9%, to $259.80, while Intel climbed 99 cents, or 2.3%, to $44.80.
Meanwhile, Paramount rose 74 cents, or 5.6%, to $13.93, followed by Netflix, which gained $8.44, or 1.8%, to $474.35.
Prices for the 10-year Treasury gained back some lost ground, lowering yields to 4.42% from Friday's 4.44%. Treasury prices and yields move in opposite directions.
Oil prices added $1.61 to $77.50 U.S. a barrel.
Gold prices dropped $4.90 to $1,977.20.
MENAFN20112023000212011056ID1107460382
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.