Dow Reaches New Record Highs
The S&P 500 gained 0.3% and the Dow Jones jumped 630 points to a fresh record high, while the Nasdaq lost 0.3% as investors rotated out of tech stocks into blue chip and cyclical names on expectations that a funding deal will pass the House this week.
Progress in the Senate toward reopening the government lifted sentiment in economically sensitive sectors while health care leaders such as Merck (4.8%), Amgen (4.6%) and Johnson & Johnson (2.9%) led the Dow higher.
Hopes that the resumption of government operations will release delayed economic data and support near term growth also buoyed broader sentiment. However, the tech heavy Nasdaq was pressured as renewed pressure hit AI exposed stocks.
SoftBank’s sale of its entire $5.8 billion Nvidia stake weighed on the sector with Nvidia falling 3% while Micron, Oracle and Palantir each lost between 4.9% and 1.4%.
Source: Tradingeconomics.com
