Dow Jones increased 200 points thanks to Microsoft’s breakthrough
Starting a shorter trading week than usual due to holidays, US stocks jumped in Monday’s trading session thanks to the strong rise of technology stocks, led by Microsoft and Nvidia.
At the end of Monday’s trading session, the Dow Jones Industrial Average increased 203.76 points, equivalent to 0.58%, to 35,151.04 points. The S&P 500 added 0.74% and closed the session at 4,547.38 points, while the Nasdaq Composite climbed 1.13% to 14,284.53 points.
This is the 5th consecutive gaining session for both the S&P 500 and Nasdaq Composite.
Microsoft shares rose 2% and hit a 52-week high after CEO Satya Nadella said former OpenAI chief Sam Altman would join the tech giant to lead a new AI research group.
Shares of chipmaker Nvidia also added 2.3% and closed at an all-time high before the financial report was released on Tuesday afternoon.
Technology and telecommunications services are the two groups of stocks with the strongest breakthrough in the S&P 500 with increases of 1.5% and 1%, respectively. Palo Alto Networks shares jumped 5.2%, while Intel climbed 2.1%. At the same time, Paramount shares increased 5.6% and Netflix received 1.8%.
US markets will be closed on Thursday for Thanksgiving. On Friday, the market will also trade with shortened hours. Trading around the Thanksgiving holiday has been volatile in recent years, but November remains the S&P 500’s best month, according to the Stock Traders’ Almanac.
Wall Street will be watching the latest meeting minutes of the US Federal Reserve (Fed), expected to be published on Tuesday.
Tue Nhien (According to CNBC)