S&P 500 posts third-straight winning day, buoyed by AI trade
The S&P 500 rose on Monday, spurred by a rise in artificial intelligence names, to start a shortened holiday week.
The broad market index gained 0.6%, posting its third positive day in a row. The Dow Jones Industrial Average advanced 228 points, or 0.5%. The Nasdaq Composite climbed 0.5%.
Key stocks linked to artificial intelligence offered a boost to the broader market. Nvidia shares moved higher by more than 1% after Reuters said the company is looking to begin shipments of its H200 chips to China by mid-February. Meanwhile, Micron Technology grew around 4%, while Oracle advanced more than 3%.
Wall Street is coming off a mixed week for the major averages. A late-week surge in tech stocks helped lift the S&P 500 and Nasdaq Composite to their third winning week in four. The 30-stock Dow, which has outperformed this month, snapped a three-week winning streak.
However, investors are watching to see whether AI stocks can retain their leadership heading into the year-end, especially as investors rotate into cheaper parts of the market amid concerns about lofty tech valuations. There’s also doubt about whether a Santa Claus rally will materialize, as the S&P 500 struggles to hold a key technical level.
Source : Cnbc.com
