Bargain hunters were out in force on Monday, with investors’ renewed appetite for technology stocks helping to power both the S&P 500 and the Dow Jones Industrial Average to new intraday and record highs.
The S&P 500, having touched an all-time high of 2,453.82 earlier in the day, closed up 0.8 per cent at 2,453.46. The info tech sector — which had endured a choppy two weeks of trading — led the gains, rising 1.7 per cent. It was followed by healthcare and financial stocks, which tacked on 1.1 per cent and 1 per cent respectively.
The Dow also ended its day 0.7 per cent higher at a new peak of 21,528.99, helped by Apple’s 2.9 per cent rebound.
The Nasdaq Composite had its best day in more than eight months. The tech-heavy index rose 1.4 per cent to 6,239.01, putting it closer to the intraday high of 6,341.696 set at the start of the month.
Elsewhere, Treasury yields continued to climb higher after comments on Wednesday from US Federal Reserve chair Janet Yellen suggesting that policymakers will press ahead and raise interest rates one more time before the year ends.
Yield on the 10-year note tacked on 3.5 basis points to 2.186 per cent, compared to the 7-month low of 2.1013 per cent reached on Wednesday. The prospect of another interest-rate hike is also propping up the dollar. The DXY index rose 0.4 per cent to 97.54.
Haven assets like gold — which offers no yield — lost more of their shine however. The yellow metal fell 0.1 per cent to $1,255.77 per troy ounce, marking the eighth day the asset has fallen over the past nine days.