Dow Jones closes above 43,000 for first time in history
Major U.S. indexes closed with collective gains on Monday, supported by major technology stocks ahead of a busy week of corporate earnings and crucial economic data.
Bank earnings have boosted hopes that strong results will help stocks continue their strong run into 2024. Third-quarter earnings for S&P 500 companies are expected to grow 4.9% year-over-year, according to LSEG data.
Investors will also be looking ahead to key economic data this week, particularly September retail sales figures, for clues on the financial health of U.S. consumers.
Performance of major US indices:
The Dow Jones rose 0.5%, or 200 points, on Monday to close above 43,000 for the first time in its history.
The S&P 500 rose 0.8% to close above 5,850 for the first time in its history, while the Nasdaq Composite rose 0.9% to close at a 3-month high.
Shares of U.S.-listed Chinese companies including Alibaba and PDD fell as investors were left wondering about the size of the overall fiscal stimulus China announced on Saturday.
Nvidia stocks
Nvidia shares rose 2.4% in Monday's session, hitting a new record close as the company added $80 billion to its market value in a single day.
Nvidia has become the second largest company in the world after Apple after surpassing Microsoft with a market value of more than $3.38 trillion.
The stock has risen 179% since the beginning of this year due to the growing demand for artificial intelligence and advanced semiconductors.
Trump Media Shares
Trump Media stock jumped more than 18% in Monday's session to close at its lowest level in 2 1/2 months.
The gains come as Republican candidate Donald Trump has been leading in the polls since early October, and Elon Musk's endorsement has strengthened his position against Democratic candidate Kamala Harris.
