The major stock indices have a solid/positive start to the trading week.
The surge to the upside was largely driven by Microsoft's rally following the hiring of key artificial intelligence executives, including Sam Altman, former head of OpenAI, and Greg Brockman, another OpenAI cofounder. Microsoft's hiring of these AI experts, particularly Altman to lead a new advanced AI research team, positively influenced the technology sector, also boosting stocks like Apple and Nvidia. Both Microsoft and Nvidia are closing at record levels. Apple shares are within $7 of its all-time record high of $198.19.
The NASDAQ index is within 1.13% of its 2023 high.
The S&P 500's information technology sub-index emerged as the top performer among its 11 major sectors, significantly aided by Microsoft's shares reaching a record high. That index rose 1.5%. Communication services rose 1.07%, and real estate rose 0.80%. Utilities fell -0.31% and consumer staples were unchanged on the day. A total of 9 of the 11 sectors moved to the upside today
The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average also posted solid gains, with the S&P 500 approaching its year-to-date high from July (1.31% away). November has marked a rebound for Wall Street's main indexes following three months of weakness, as easing U.S. inflation has led to expectations that the Federal Reserve might pause interest rate hikes. The market is now anticipating the possibility of interest rate cuts as early as March.
A snapshot of the final numbers shows:
- Dow industrial average rose 203.76 points or 0.58% at 35151.03.
- S&P index was 33.36 points or 0.74% at 4547.39.
- NASDAQ index rose 159.04.41.13 percent at 14284.52.
Each of the major indices are on pace to snap three-month declines. For the trading month
- The Dow industrial average is now up 6.35%.
- The S&P index is now up 8.43%
- The NASDAQ index is up 11.15%
The Russell 2000 of small-cap stocks rose 9.317 points or 0.52% at 1807.08. For the month, the index is up 8.711%.
