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U.S. stocks ended higher on Monday, with the Dow recording its longest winning streak since January, while the Nasdaq registered its biggest weekly positive streak since January. All three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.1% or 33.54 points to end at 34,095.86 points.
The S&P 500 climbed 0.2% or 7.64 points, to close at 4,365.98 points. Tech and healthcare stocks were the biggest gainers.
The Technology Select Sector SPDR (XLK) and the Health Care Select Sector SPDR (XLV) each gained 0.7%. However, seven of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq gained 0.3% or 40.50 points to finish at 13,518.78 points.
The fear-gauge CBOE Volatility Index (VIX) was 0.13% to 14.89. Decliners outnumbered advancers on the NYSE by a 2.3-to-1 ratio. On the Nasdaq, a 1.8-to-1 ratio favored declining issues.
Last Week’s Momentum Continues
Last week, the Dow, Nasdaq and S&P 500 recorded their biggest weekly gains for the year on hopes that the Fed might soon end its monetary tightening campaign as fresh data hinted at a cooling jobs market.
The positive momentum continued on Monday as investors believe that the Federal Reserve may not go for another rate hike this year. Bond yields which had declined sharply last week rose once again on Monday. The benchmark 10-year Treasury yield climbed back to 4.662% on Monday.
However, it is still lower than the jump witnessed last month. The 10-year Treasury yield had jumped to more than 5%, hitting a 16-year high a few weeks back before making a steady decline over the past couple of weeks.
Investors are still trying to digest last week’s rally. This week will be lighter on economic data but investors will be closely watching some of the biggest companies who are scheduled to report their quarterly results. Companies like Uber ((UBER - Free Report) ), The Walt Disney Co. ((DIS - Free Report) ), Arm Holdings ((ARM - Free Report) ) and Ralph Lauren ((RL - Free Report) ) are scheduled to report earnings this week.
Investors are also awaiting fresh comments from some Federal Reserve officials later this week, which could give them a clearer picture of the central bank’s future course of action with its interest rates.
No major economic data was released on Monday.
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Stock Market News for Nov 7, 2023
U.S. stocks ended higher on Monday, with the Dow recording its longest winning streak since January, while the Nasdaq registered its biggest weekly positive streak since January. All three major indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) rose 0.1% or 33.54 points to end at 34,095.86 points.
The S&P 500 climbed 0.2% or 7.64 points, to close at 4,365.98 points. Tech and healthcare stocks were the biggest gainers.
The Technology Select Sector SPDR (XLK) and the Health Care Select Sector SPDR (XLV) each gained 0.7%. However, seven of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq gained 0.3% or 40.50 points to finish at 13,518.78 points.
The fear-gauge CBOE Volatility Index (VIX) was 0.13% to 14.89. Decliners outnumbered advancers on the NYSE by a 2.3-to-1 ratio. On the Nasdaq, a 1.8-to-1 ratio favored declining issues.
Last Week’s Momentum Continues
Last week, the Dow, Nasdaq and S&P 500 recorded their biggest weekly gains for the year on hopes that the Fed might soon end its monetary tightening campaign as fresh data hinted at a cooling jobs market.
The positive momentum continued on Monday as investors believe that the Federal Reserve may not go for another rate hike this year. Bond yields which had declined sharply last week rose once again on Monday. The benchmark 10-year Treasury yield climbed back to 4.662% on Monday.
However, it is still lower than the jump witnessed last month. The 10-year Treasury yield had jumped to more than 5%, hitting a 16-year high a few weeks back before making a steady decline over the past couple of weeks.
Investors are still trying to digest last week’s rally. This week will be lighter on economic data but investors will be closely watching some of the biggest companies who are scheduled to report their quarterly results. Companies like Uber ((UBER - Free Report) ), The Walt Disney Co. ((DIS - Free Report) ), Arm Holdings ((ARM - Free Report) ) and Ralph Lauren ((RL - Free Report) ) are scheduled to report earnings this week.
Shares of NVIDIA Corporation ((NVDA - Free Report) ) rose 1.7% ahead of its earnings report. NVIDIA has a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Investors are also awaiting fresh comments from some Federal Reserve officials later this week, which could give them a clearer picture of the central bank’s future course of action with its interest rates.
No major economic data was released on Monday.