Wall Street Rises, Dow Sets New Record
S stock markets continued to strengthen on Monday (July 6th) after posting positive performance the previous week. Buying momentum persisted when markets reopened after the Independence Day holiday on Friday.
The S&P 500 index rose 0.72% to close at 7,537.43. The Nasdaq Composite gained 1.12% to 26,121.16, while the Dow Jones Industrial Average rose 155.84 points, or 0.29%, to close at a new record of 53,055.91. The Dow also set an intraday record during the session.
Technology stocks were one of the market's main drivers. The State Street Technology Select Sector SPDR (XLK) technology ETF rose nearly 2%. Western Digital surged 7%, Teradyne rose 2.8%, Marvell Technology gained more than 1%, and Oracle added 2.5%.
This strengthening continued last week's rally. The Dow rose nearly 2% for the week, while the S&P 500 and Nasdaq gained 1.8% and 2.1%, respectively. These gains occurred despite a brief weakening in semiconductor stocks as investors reduced their exposure to the chip sector and shifted to other sectors.
The VanEck Semiconductor ETF (SMH) fell 3.2% last week, posting its second consecutive weekly decline. However, the ETF still recorded a gain of more than 80% for the first half of the year and was up about 2% in Monday's trading.
In individual stocks, Microsoft fell nearly 1% after the company announced it was cutting 4,800 jobs, or about 2.1% of its workforce. Conversely, Dell Technologies rose more than 4% after President Donald Trump promoted the company's computers from the White House after ringing the opening bell.
Source: Newsmaker.id
