US stocks finish higher as tech shares rally
NEW YORK -Leading large tech companies enjoyed a strong session Monday, lifting the Nasdaq ahead of US retail sales data and earnings from large shopping chains later in the week.
Shares of Amazon, Google parent Alphabet, Netflix and Meta Platforms rose more than 1 percent in the latest indication of investor appetite for such “mega cap” stocks whenever they show signs of weakness.
That helped the tech-rich Nasdaq Composite Index pile on 1.1 percent to finish at 13,788.33.
The Dow Jones Industrial Average climbed 0.1 percent to 35,307.63, while the broad-based S&P 500 gained 0.6 percent to 4,489.72.
“US stocks are rebounding as some traders decide to buy the two-week dip despite rising fears over China’s property market,” said Oanda’s Edward Moya.
Among individual companies, United States Steel surged 36.8 percent after announcing that it received an unsolicited bid from Cleveland-Cliffs to acquire the company.
US Steel has begun “a comprehensive and thorough review of strategic alternatives” after “receiving multiple unsolicited proposals” from prospective buyers of the company or some assets, said chief executive David Burritt.
Cleveland-Cliffs rose 8.8 percent.
Tesla dropped 1.2 percent following reports the company cut its prices in China again.
