Advanced Micro Devices IncAMD shares jumped 10% and its market cap hit $1 trillion as part of the tech-led rally, with no company-specific driver stated.
U.S. stocks closed sharply higher on Monday, with the Nasdaq notching its first record close since June 2 as a tech rally and falling Treasury yields lifted all three major indexes. The Dow Jones Industrial Average rose 0.7%, or 366.19 points, to 52,048.83, the S&P 500 gained 1.5% to 7,764.70, and the tech-heavy Nasdaq jumped 2.3% to 27,122.09. The rally was led by a 12% surge in Intel Corporation's stock, while Advanced Micro Devices shares jumped 10% as the chipmaker's market cap hit $1 trillion. The 10-year Treasury yield dropped below the 5% level after days, and U.S. crude prices fell 4,5% to settle at $95.78 per barrel, an 11-day low, after topping $100 last week amid escalating Middle East tensions. The moves follow a volatile week in which the Federal Reserve hiked interest rates by a quarter percentage point for the first time in over three years, and no major economic data was released on Monday.
Advanced Micro Devices IncAMD shares jumped 10% and its market cap hit $1 trillion as part of the tech-led rally, with no company-specific driver stated.
Intel CorporationIntel stock surged 12%, leading the rally, but the article gives no company-specific cause beyond the broad tech rally.
The 10-year Treasury yield dropped below 5% as falling yields accompanied the tech rally.
The Fed hiked rates a quarter point for the first time in over three years, pushing the effective federal funds rate up.