Tech gains push Nasdaq and S&P 500 to new records despite a Dow dip and mixed market signals.
Technology stocks had a good session on Wall Street on Monday although the broad market remained somewhat sluggish as investors looked ahead to upcoming economic data, including private and non-farm payroll reports, JOLTs and readings on manufacturing activity due during the course of this week.The Dow ended down 128.65 points or 0.29% at 44,782.00 while the S&P 500 and the Nasdaq both closed at record highs at 6,047.15 and 19,403.95, respectively. While the S&P 500 gained 14.77 points or 0.24%, the Nasdaq climbed 185.78 points or 0.97%.
Tesla gained more than 3% after the company announced it was rolling out an update for its "Full Self-Driving" driver-assistance software. Intel rallied after its CEO Pat Gelsinger retired from the company effective December 1. Advanced Micro Devices Inc gained about 3%. Meta Platforms, Apple Inc, Microsoft Corporation, Amazon, Apple Inc., and Alphabet also closed higher. Amgen, JPMorgan Chase, Honeywell, McDonalds, Verizon and Merck lost 1 to 2%.
On the economic front, the Institute for Supply Managements report shows U.S. manufacturing increased by more than expected in the month of November but continued to indicate a contraction. Construction spending in the U.S. increased more than expected in the month of October according to Commerce Department. The report said construction spending climbed by 0.4% to an annual rate of $2.174 trillion in October after inching up by 0.1% to a rate of $2.165 trillion in September.
In overseas trading, Asian stocks rose broadly on Monday after the release of robust Chinese factory activity data. U.S. President-elect Donald Trump demanded a commitment from the BRICS nations on using the dollar warning they shouldn't move to create a new currency or endorse any other currency to replace the dollar due to which concerns over a broader trade war capped regional gains.
European stocks closed broadly higher on Monday as investors digested the latest batch of economic data including reports on Eurozone and UK manufacturing activity, and continued to follow the political developments in France.
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