Tech stock rally sends S&P and Nasdaq to record highs

As investors awaited data on the U.S. labor market due on Friday, a tech stock rally and low interest rates fueled the Nasdaq and S&P 500 to all-time highs on Monday.

Why Apple stock is struggling

Reuters:

Big tech companies including Facebook Inc, Apple Inc , Amazon.com Inc and Nvidia Corp were among the biggest boosts to the S&P 500 and the Nasdaq… Technology led the biggest sectoral gains on S&P.

The S&P 500 on Friday logged its best weekly performance in 20 weeks, following a bipartisan agreement on a $1.2 trillion U.S. infrastructure spending deal and waning concerns about a sooner-than-expected policy tightening from the Federal Reserve.

Both the S&P 500 and the Nasdaq hit a series of record highs last week. the tech-heavy Nasdaq’s 5% gain in June is outpacing its peers as investors pile back into tech-oriented growth stocks on diminishing worries about runaway inflation.

MacDailyNews Note: The Dow Jones Industrial Average fell 151.56 points, or 0.44%, to 34,282.28, the S&P 500 gained 9.88 points, or 0.23%, to 4,290.58 and the Nasdaq Composite added 140.12 points, or 0.98%, to 14,500.51.

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