Rising technology stocks on Monday helped U.S. indexes recover some more of their holiday-season slide that bridged the new year.
The S&P 500 added 0.6% for a second straight gain following five straight losses, its longest losing streak since April. The Dow Jones industrial average lost an early gain to slip 25 points, or 0.1%, and the Nasdaq composite gained 1.2%.
Slightly more stocks fell in the S&P 500 than rose amid the mixed trading. Tech companies were the clear leaders.
Nvidia climbed 3.4% to top its record set in November ahead of a speech by CEO Jensen Huang at the annual CES convention in Las Vegas after trading ended for the day.
Microsoft Vice Chair Brad Smith said on late Friday the company is on track to invest about $80 billion to build out AI-enabled datacenters to train AI models this fiscal year. Microsoft rose 1.1%.
Uber Technologies drove 2.7% higher after the ride-hailing app said it would accelerate $1.5 billion in purchases of its own stock, part of a previously announced $7 billion buyback program.
U.S. Steel climbed 8.1% after it and Japan’s Nippon Steel filed a federal lawsuit challenging President Joe Biden’s decision to block a proposed nearly $15 billion deal for Nippon to buy its Pittsburgh-based rival.
All told, the S&P 500 rose 32.91 points to 5,975.38. The Dow Jones Industrial Average slipped 25.57 to 42,706.56, and the Nasdaq composite jumped 243.30 to 19,864.98.
This upcoming week will have one fewer day of trading than usual. The New York Stock Exchange and Nasdaq will close their stock and options markets on Thursday in observance of a National Day of Mourning for former President Jimmy Carter.
— Associated Press