All three benchmark indices closed higher on Monday after the US president stepped aside from the election race.
The three benchmark indices of Wall Street closed higher on Monday as investors returned to mega-cap growth stocks, helping both the S&P 500 as to Nasdaq to recover from its worst weekly performance since April.
He Dow Jones also rallied, breaking a two-session losing streak since hitting a record closing high last Wednesday. Megacap firms Alphabet, Meta Platforms and Tesla advanced after having been a major drag on the market last week.
According to preliminary data, the S&P 500 rose 60.22 points, or 1.09 percent, to 5,565.22; the Nasdaq Composite gained 280.63 points, or 1.57 percent, to 18,004.62; and the Dow Jones Industrial Average added 126.30 points, or 0.32 percent, to 40,417.75.
Nvidia It also rose after Reuters reported that the firm is working on a version of its new artificial intelligence chips for the Chinese market that would comply with current Chinese export controls. USAThe Information Technology index led sectoral gains, snapping a four-day losing streak.
Chief among the other factors on the minds of traders was a reexamination of the state of the race to the White House after the US President Joe Biden announce his resignation and support the candidacy of the vice president Kamala Harris for the November elections.
Biden’s departure could lead investors to unwind their operations amid bets that a Republican victory Donald Trump would increase the country’s fiscal and inflationary pressures. But some analysts said markets could benefit from a greater possibility of a divided government during the next administration.
The question of who will be on the Democratic presidential ticket is adding to investors’ concerns ahead of quarterly earnings, including from two of the Magnificent Seven companies: Alphabet and Tesla.
The cybersecurity company CrowdStrike plunged, extending losses after a company software update triggered a global technology outage on Friday.
Source: Ambito
