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Traders work on the floor of the New York Stock Exchange (NYSE) on December 2, 2021 in New York City.
Spencer Pratt | Getty Images
Major averages rose on Monday, boosted by tech stocks, as Wall Street tried to recover from a tough week.
of S&P500 It rose 1.41% to end at 4,763.54. Nasdaq Composite It rose 2.2% to close at 14,843.77. It was the best day for the tech index since November 14th. Dow Jones Industrial Average It added 216.90 points (0.58%) and settled at 37,683.01.
As yields fell on Monday, investors are buying the tech sector, which fell 4% last week. Nvidia It rose 6.4%, hitting a record high. Amazon rose nearly 2.7%, contributing to the rise in the Nasdaq. apple It rose 2.4% after Evercore ISI advised clients to buy last week’s decline.of VanEck Semiconductor ETF (SMH) It rose 3.5%, its highest day since November.
yield of 10 year government bond yieldMeanwhile, the stock fell by about 3 basis points to trade at 4.012%.
boeingended the Dow’s gains, falling 8% after dozens of Boeing 737 Max 9 planes were temporarily grounded for inspection after part of an Alaska Airlines plane exploded. The Dow Jones Industrial Average briefly fell by more than 200 points from the previous day, but has started to recover.
“It’s still a new year and I think it’s a bull market with the same risks,” said Adam Turnquist, chief technical strategist at LPL Financial. He said last week’s losses and Monday’s move in the 10-year Treasury yield gave investors “enough confidence to get back into tech.”
“The simple story is that stocks were overbought and yields were oversold. And now we have an excuse to pull back a little bit in both directions… It’s not really something to worry about at this point,” Turnquist said. added.
Wall Street is coming off its worst week in a decade as large tech stocks such as Apple underperformed and U.S. Treasury yields rose. The Dow Jones Industrial Average fell 0.59%, and the S&P 500 fell 1.52%. The Nasdaq Composite Index fell 3.25%, its worst weekly performance since September.
This week, traders may see a clearer path forward for the Federal Reserve to cut interest rates. The consumer price index for December will be released on Thursday, followed by the producer price index on Friday. These numbers should show whether the central bank’s efforts to bring inflation down to its 2% target are taking hold.
Correction: A previous version misstated last week’s movements for the Dow and S&P 500.
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