Tech stocks like Tesla, Apple, and Microsoft rallied, driving the Nasdaq and S&P 500 higher.

From Nasdaq: 2024-12-03 09:32:00

U.S. stocks closed mostly higher on Monday, with the Nasdaq and S&P 500 hitting record highs. The Dow closed lower. The Dow Jones Industrial Average slid 0.3%, while the S&P 500 climbed 0.2% and the Nasdaq gained 1%. Tech stocks rallied, led by Tesla, Apple, and Microsoft.

Tech stocks rallied on Monday, with Tesla, Apple, and Microsoft posting gains. November saw all three major indexes reaching new highs, with the Dow and S&P 500 recording their best month of the year. Small-cap stocks also performed well. Investors are optimistic about a December rate cut and are waiting for the monthly jobs report.

Economic data showed an improvement in manufacturing activity in November, with the ISM manufacturing PMI rising to 48.4. Construction spending also increased in October. Investors are pricing in a 25-basis point rate cut in December. The positive sentiment in the markets has been fueled by post-election euphoria and continued support from the Federal Reserve.

Interested in Zacks’ stock picks? Get 30-day access to all picks for just $1. Thousands have taken advantage of this offer to explore Zacks’ portfolio services like Surprise Trader and Technology Innovators. Download Zacks’ free report on 5 Stocks Set to Double. Check out the latest recommendations from Zacks Investment Research.



Read more at Nasdaq: Stock Market News for Dec 3, 2024