Stocks moved mostly higher over the course of the trading day on Monday, adding to the gains posted in the previous session. Tech stocks helped lead the advance, resulting in a standout gain by the Nasdaq.
The major averages all closed in positive, although the tech-heavy Nasdaq outperformed its counterparts. While the Nasdaq surged 271.05 points or 1.9 percent to 14,532.55, the S&P 500 advanced 36.78 points or 0.8 percent to 4,582.64 and the Dow rose 103.61 points or 0.3 percent to 34,921.88.
Shares of Twitter (TWTR) helped lead the rally by tech stocks, soaring by 27.1 percent after a Securities and Exchange Commission filing revealed Tesla (TSLA) CEO Elon Musk has taken a 9.2 percent stake in the social media giant.
Significant strength was also visible among computer hardware stocks, as reflected by the 2 percent jump by the NYSE Arca Computer Hardware Index.
Within the hardware sector, computer peripheral maker Logitech (LOGI) posted a strong gain after Goldman Sachs upgraded its rating on the company’s stock to Buy from Neutral.
Semiconductor stocks also turned in a strong performance on the day, driving the Philadelphia Semiconductor Index up by 1.7 percent. Networking and biotechnology stocks also moved notably higher.
Outside of the tech sector, retail stocks saw substantial strength, resulting in a 2 percent surge by the Dow Jones U.S. Retail Index.
Meanwhile, stocks gave back ground following recent strength, with the Dow Jones Utilities Average falling by 1.1 percent after ending the previous session at a record closing high.
Traders also kept an eye on developments in the ongoing war between Russia and Ukraine, as the conflict continues to impact energy prices.
Ukraine has accused Russia of carrying out a “massacre” in the town of Bucha, and Western nations have reacted to images of dead civilians with calls for new sanctions on Russia.
In U.S. economic news, a report released by the Commerce Department showed new orders for U.S. manufactured goods decreased in line with economist estimates in the month of February.
The Commerce Department said factory orders fell by 0.5 percent in February after surging by an upwardly revised 1.5 percent in January.
Economists had expected factory orders to decrease by 0.5 percent compared to the 1.4 percent jump originally reported for the previous month.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Monday, with the mainland Chinese markets closed for a holiday. Japan’s Nikkei 225 Index rose by 0.3 percent, while Hong Kong’s Hang Seng Index spiked by 2.1 percent.
The major European markets also moved to the upside on the day. While the French CAC 40 Index advanced by 0.7 percent, the German DAX Index climbed by 0.5 percent and the U.K.’s FTSE 100 Index rose by 0.3 percent.
In the bond market, treasuries have climbed off their worst levels of the day but remain in negative territory. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.5 basis points to 2.412 percent.
Trading on Tuesday may be impacted by reaction to the latest reports on the U.S. trade deficit and service sector activity.
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