U.S. Stock Market: Major Indexes Close Higher Amid Gains in Tech Sector

IconCryptoNewsTerminal Staff22 Jul, 2024

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U.S. Stock Market: Major Indexes Close Higher Amid Gains in Tech Sector

The major indexes of the U.S. stock market closed higher on Monday, continuing the positive momentum seen in recent trading sessions. The Dow Jones Industrial Average rose 0.6%, the S&P 500 gained 0.8%, and the Nasdaq Composite climbed 1.1%. The technology sector was a major contributor to the market's gains, with shares of Apple, Microsoft, and Alphabet all posting solid gains. Investors were encouraged by upbeat earnings reports from several major tech companies, which have helped to ease concerns about the impact of rising interest rates and inflation on the sector. In addition to the tech sector, other sectors that performed well on Monday included healthcare, financials, and industrials. Energy stocks, however, underperformed due to a decline in oil prices. Overall, the positive sentiment in the market was driven by a combination of factors, including optimism about corporate earnings, hopes for a gradual slowdown in interest rate hikes, and signs of resilience in the U.S. economy.

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