Key facts
- The S&P 500 rose 0.7% on Monday, nearing its record high.
- The Nasdaq Composite gained 1.1%, driven by AI stock performance.
- The Dow Jones Industrial Average reached a new record, adding 0.3%.
- The Russell 2000 index also saw a modest increase of 0.4%.
- Broadcom was a notable strong performer contributing to market gains.
Major U.S. stock indexes advanced on Monday, with a rebound in artificial intelligence stocks providing significant upward momentum. The S&P 500 gained 0.7%, closing at 7,537.43 and moving within 1% of its all-time high, despite a majority of its constituent stocks declining. The Nasdaq Composite saw a stronger surge, rising 1.1% to 26,121.16, largely propelled by AI sector strength. The Dow Jones Industrial Average also posted gains, adding 0.3% to reach a new record of 53,055.91. The Russell 2000 index, representing smaller companies, rose 0.4% to 3,009.54.
Broadcom was identified as one of the key contributors to the market's rise, following previous declines. Concurrently, Treasury yields and oil prices experienced a slight easing. Markets in Europe and Asia generally saw modest dips, with the exception of a notable gain in Hong Kong.
Year-to-date, the S&P 500 has increased by 10.1%, the Dow Jones Industrial Average by 10.4%, the Nasdaq Composite by 12.4%, and the Russell 2000 by 21.3%.