Dow Rally to Start Short Week
November 20,2023 04:21 pm EST
Stocks jumped Monday to start a holiday shortened week, boosted by strong tech gains led by Microsoft and Nvidia.
The Dow Jones Industrials gained 203.76 points to conclude Monday at 35,151.04.
The S&P 500 jumped 33.36 points to 4,547.38.
The NASDAQ gained 159.05 points, or 1.1%, to 14,284.53.
Microsoft shares were up $7.68, or 2.1%, reaching a new 52-week high at $377.53, after CEO Satya Nadella said former OpenAI chief Sam Altman will be joining the tech giant to lead a new AI research team.
Chipmaker Nvidia also added $10.87, or 2.2%, marking a new all-time high for the stock, at $503.85, ahead of its earnings report Tuesday afternoon.
The tech and communication services were the biggest gainers in the S&P 500, tech up 1.6% and communications 1%. Palo Alto Networks jumped $12.21, or 4.9%, to $259.80, while Intel climbed 99 cents, or 2.3%, to $44.80.
Meanwhile, Paramount rose 74 cents, or 5.6%, to $13.93, followed by Netflix, which gained $8.44, or 1.8%, to $474.35.
Prices for the 10-year Treasury gained back some lost ground, lowering yields to 4.42% from Friday's 4.44%. Treasury prices and yields move in opposite directions.
Oil prices added $1.61 to $77.50 U.S. a barrel.
Gold prices dropped $4.90 to $1,977.20.
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