US close: Stocks higher as tech strength fuels pre‑holiday gains

(Sharecast News) - Major indices closed higher on Monday in quiet pre‑holiday trade ahead of this week's Christmas break. At the close, the Dow Jones Industrial Average was up 0.47% at 48,362.68, while the S&P 500 advanced 0.64% to 6,878.49 and the Nasdaq Composite saw out the session 0.52% firmer at 23,428.83.

The Dow closed 227.29 points higher on Monday, extending gains recorded in the previous session.

Tech was again at the centre of attention on Monday, as investors continued to rotate back into growth names after last week's softer inflation data helped revive hopes of a year‑end "Santa Claus rally". Sentiment was also supported by strength in major tech movers, with chipmakers Nvidia and Micron Technology both closing higher.

Traders also continued to weigh whether the recent rebound in tech represented the start of another momentum leg or a late‑cycle stretch reminiscent of previous boom‑and‑bust periods.

As far as Monday's macro slate was concerned, the lone piece of data released was the delayed release of the Chicago Federal Reserve's national activity index, which rose to -.0.21 from -0.31 in August, pointing to a milder contraction in economic activity.

No major corporate earnings were released on Monday.





Reporting by Iain Gilbert at Sharecast.com