• Thu. Oct 6th, 2022

Dimancherouge

Technology

Nasdaq soars as tech stocks lead a market rally

Wall Street rallied Monday with tech stocks leading the way. All three major stock indexes soared higher.



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© Michael Nagle/Bloomberg/Getty Images


The Nasdaq Composite was the strongest performer, rallying 3% in the early afternoon.

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The Dow was up 1.3%, or 365 points, and the S&P 500 climbed 2%.

All three benchmarks inched closer to record territory once again. The Nasdaq and S&P 500 stand to beat their closing level from early September, the Dow’s last record finish was in pre-pandemic times.

Shares of Apple were among the top performers in both indexes. The tech giant is slated to announce its new iPhone on Tuesday after weeks of pandemic-related delays. Apple stock traded nearly 6% higher.

Meanwhile, shares of Nasdaq-listed software company Twilio rallied more thn 7% after the company announced its intention to buy data start-up Segment for $3.2 billion.

Software stocks look to be getting out of the rut that dominated tech stocks in September, said Paul Hickey from Bespoke, and Monday’s rally is proof of that.

Otherwise, the Columbus Day holiday on Monday meant a more quiet day in terms of economic news, but third quarter earnings season is just around the corner. The season kicks off with America’s big banks, including Citigroup and JPMorgan starting to report on Tuesday.

Besides earnings, investors will also have to keep an eye on headlines from Washington, where the Trump administration made a stimulus counter-offer to Democrats last week. Stocks would likely rally on a stimulus agreement, but so far, after months of negotiations, all we’ve got was volatility.

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