(MENAFN) Wall Street opened the holiday-shortened week on a strong note, marking its highest level in over three months. The S&P 500 registered a 0.7 percent increase on Monday, extending its winning streak into the fourth consecutive week. The Dow saw a notable gain of 203 points, while the Nasdaq composite climbed by 1.1 percent.
Microsoft played a pivotal role in driving market momentum, experiencing a 2.1 percent rise. The tech giant's announcement of Sam Altman joining for a new venture following his departure as CEO of OpenAI, the developer of ChatGPT, contributed to the positive sentiment. This week is expected to be light on economic reports, with Thursday's Thanksgiving holiday influencing the schedule. A key highlight anticipated is the profit report from Nvidia scheduled for Tuesday.
On Monday, the S&P 500 closed at 4,547.38, reflecting an increase of 33.36 points. The Dow Jones Industrial Average rose by 0.6 percent, adding 203.76 points to reach 35,151.04, while the Nasdaq composite surged by 1.1 percent, gaining 159.05 points to reach 14,284.53. The Russell 2000 index, representing smaller companies, recorded a 0.5 percent increase, rising by 9.32 points to 1,807.08.
Reflecting on the year's performance, the S&P 500 has experienced a substantial uptick, gaining 707.88 points or 18.4 percent. The Dow has seen a rise of 2,003.79 points or 6 percent, while the Nasdaq has surged by 3,818.05 points or 36.5 percent. The Russell 2000 has registered a gain of 45.84 points or 2.6 percent. Wall Street's positive trajectory at the outset of the holiday week underscores the resilience and optimism in the market, with various factors contributing to the upward momentum.
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