The S&P 500 rose 0.3% and the Dow Jones Industrial Average jumped 630 points to a new record high, while the Nasdaq Composite Index fell 0.3% as investors shifted from technology stocks to blue-chip and cyclical stocks on expectations that a funding deal would pass the House of Representatives this week.
Progress in the Senate toward reopening the government lifted sentiment in economy-sensitive sectors, while leading healthcare companies such as Merck (+4.8%), Amgen (+4.6%), and Johnson & Johnson (+2.9%) boosted the Dow. Hopes that the government's reopening would release delayed economic data and support short-term growth also supported broader sentiment.
However, the tech-dominated Nasdaq Composite Index was pressured as renewed pressure hit AI-exposed stocks. SoftBank's $5.8 billion sale of its entire Nvidia stake weighed on the sector, with Nvidia falling 3% while Micron, Oracle, and Palantir each fell between 4.9% and 1.4%. (alg)
Source: Trading Economics
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