S&P 500 rises to record close Monday; Dow snaps four-day losing streak
The S&P 500 rose Monday to close at a fresh record as Wall Street looked to build on last week’s gains.
The S&P 500 rose Monday to close at a fresh record as Wall Street looked to build on last week’s gains.
The broad index added 0.77% to finish at 5,473.23, while the Nasdaq Composite surged 0.95% to settle at 17,857.02. The Dow Jones Industrial Average added 188.94 points, or 0.49%, to end at 38,778.10 and snap a four-day losing streak.
“Today is a follow through from what we’ve seen over the last week,” said Greg Bassuk, CEO at AXS Investments.
“We’re seeing optimism around a number of factors that have been mixed for quite some time,” he said. “The economic data is starting to come in stronger with more consistency, you’ve got signs of a resilient economy. Certainly, there’s optimism and bullishness around a greater likelihood of the potential start of rate cuts.”
Megacap technology stocks bolstered the rally in the S&P 500, boosting the information technology sector 1.2%. Microsoft rose more than 1%, while Apple jumped about 2%. Alphabet, Amazon and Meta Platforms also finished higher.
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