US stock indices rose modestly on Monday as investors digested Donald Trump’s prospects for victory in the US election after President Joe Biden pulled out of the presidential race and threw his support behind Kamala Harris’s candidacy.
The Dow Jones Industrial Average declined 0.95 points to 40,286.58, while the S&P 500 advanced 28.28 points, or 0.51 percent, to 5,533.28. The Nasdaq Composite surged by 130.89 points, or 0.74 percent, to 17,857.83.
The Dow Jones Industrial Average advanced 145.49 points, or 0.36 percent, to 40,433.02. The S&P 500 added 47.57 points, or 0.86 percent, to 5,552.57. The Nasdaq Composite surged 218.04 points, or 1.23 percent, to 17,944.98.
The Dow Jones Industrial Average rose by 126.96, or 0.32 percent, to open at 40,414.49. The S&P 500 surged 39.54 points, or 0.72 percent, to 5,544.54, while the Nasdaq Composite rose 196.71 points, or 1.11 percent, to 17,923.65.
Big Tech stocks partly rebounded from last week’s losses on the heels of Biden’s announcement. Sunday, Biden announced he was dropping out and throwing his support to Vice President Kamala Harris for president. Alphabet shares rose up to 1 percent, while those of Microsoft, Apple, and Tesla each rose up to 4.2 percent.
Verizon Communications slid 6.1 percent following its second-quarter revenue miss. CrowdStrike Holdings Inc., a cybersecurity company, fell 12.9 percent after the company’s software update caused a worldwide technology outage on Friday.
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Reuters said Nvidia shares climbed 2.8 percent as the AI chip leader was developing a version of its new flagship AI chips that would comply with current U.S. export controls for the China market.
Trump-associated stocks were mixed, with Trump Media & Technology Group down 0.2 percent and software company Phunware higher by 0.6 percent.
The yield on the 10-year Treasury slipped to 4.22 percent from 4.24 percent late Friday. The 2-year yield was unchanged at 4.52 percent.
Oil prices fell on Monday after Biden’s news. Brent crude futures were down 68 cents, or 0.82 percent, at $81.95 per barrel by 1327 GMT. U.S. West Texas Intermediate crude futures slid 69 cents to $79.44.
Gold was steady as investors digested Trump’s chances in the US election race after Biden pulled out. Spot bullion traded near $2,400 per ounce, cutting earlier gains.
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