U.S. stock continued with their winning ways to open the week, with benchmark S&P 500 and tech-heavy Nasdaq recording their longest winning streaks in 2024.
Following a frantic sell-off in early August, which was compared to some historic market crashes, the U.S. stock market is rebounding better than analysts expected. S&P 500 finished Monday’s session with a 0.97% or 54.00 points gain to close at 5,608.25 points, while the Nasdaq closed at 17,876.77 after a 245.05 points or 1.39% gain through the day.
Monday marked the eighth straight day of winnings for both S&P 500 and Nasdaq, which is their longest streak of the year. The stock of chipmakers Advanced Micro Devices (AMD) and Nvidia significantly contributed to the surge, while the rising shares of electric vehicle maker Tesla also helped.
The Dow Jones Industrial Average also finished in the green at 40,896.53 points after recording a 0.58% or 236.77 points gain.
The U.S. stocks are coming off their best week in 2024. S&P 500 recorded its best week since last November, gaining 3.9%, while Nasdaq and Dow Jones jumped 5.2% and 2.9% respectively. The rally was prompted by positive retail data and lower-than-expected jobless claims, which indicated that recent fears of recession have been exaggerated.