Alphabet Debuts, Dow Sets New Record
The Dow Jones Industrial Average closed above 52,000 for the first time on Monday (June 29th). This increase occurred after Alphabet officially entered the index and contributed to a broader rally in the US stock market.
The Dow Jones Industrial Average rose approximately 306 points, or 0.59%. Meanwhile, the S&P 500 rose 1.18%, and the Nasdaq Composite surged 2.07%. This strengthening indicates renewed investor buying interest, particularly in technology and semiconductor stocks.
Alphabet was one of the most noteworthy stocks, rising nearly 5% on its first day as a Dow Jones member. Meanwhile, Comcast shares also rose 4% after the company announced plans to separate its media and technology businesses into two public companies. The separation process is expected to be completed in approximately one year.
The semiconductor sector also supported the market's rally. The VanEck Semiconductor ETF rose more than 3% after previously declining as much as 3.1%. Shares of Astera Labs, KLA, and Applied Materials each surged more than 11%, leading the rebound in the chip sector.
Wall Street's gains came at the start of a shortened trading week, as the U.S. stock market will be closed on Friday for the Independence Day holiday. Investors are also monitoring geopolitical developments after the U.S. and Iran agreed to temporarily halt hostilities and allow commercial vessels to resume passage through the Strait of Hormuz, despite previously escalating tensions following military attacks by both sides. (arl)
Source: newsmaker.id
