US stock indices climb up late afternoon, buoyed by big tech
• The big tech helped stage a late-afternoon rally
US stocks rallied during the late trading hours on Monday after investors bought technology stocks.
The Dow Jones Industrial Average rose about 86 points, or 0.3%, to end near 33,063, after tumbling to 32,449.87 at the session's low.
The S&P 500 advanced 0.6% or 23.45 points, to close at 4,155.38, while the Nasdaq Composite closed 1.6% or 201.38 points higher, at 12,536.02.
The rally came despite the continued climb of the 10-year Treasury yield to 2.995% on Monday, the highest since November 30, 2018,
April was the worst month for the Dow and S&P 500 since March 2020. Nasdaq fell 13.3% last month, marking its biggest drop since October 2008.
The tech boost
Tech stocks helped recover April’s losses as Netflix (NASDAQ: NFLX) and Facebook-parent Meta Platforms (NASDAQ: FB) each jumped more than 3%. Microsoft (NASDAQ: MSFT) and Google-parent Alphabet (NASDAQ: GOOGL) advanced about 1% each.
After spending much of the day in the red, Tesla Inc (NASDAQ: TSLA), Amazon.com Inc (NASDAQ: AMZN), and Apple Inc (NASDAQ: AAPL) all ended between 0.2% and 3.7% higher.
Investors are also wary of the Federal Reserve’s announcement this week. The central bank is expected to increase the interest rates by a half-percentage point to tighten financial conditions and counter inflation that's been running at 40-year highs.
The Fed could also begin reducing its near $9 trillion balance sheet by reversing its large-scale asset purchases to help stabilize markets during the pandemic.
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