Nasdaq Reaches Unprecedented Highs as Tech Stocks Soar Amidst Mixed Market Conditions
Wall Street exhibited a mixed performance on Monday, with technology stocks maintaining their impressive momentum. This drove the Nasdaq Composite to a record-breaking high of 20,173.89, an increase of 247.17 points or 1.2%. This surge in the tech-heavy index occurred as investors strategically positioned themselves ahead of the Federal Reserve’s December meeting.
Contrasting with the broader market’s mixed performance, the Dow Jones Industrial Average fell by 110.58 points to 43,717.48. Meanwhile, the S&P 500 saw a modest gain, settling at 6,074.08. Technology leaders such as CrowdStrike Holdings and Zscaler experienced significant gains of 5.5% and 3% respectively.
The tech sector’s strength was further reinforced by continued investor optimism surrounding trends in artificial intelligence and digital transformation. However, energy stocks experienced some pressure. The Energy Select Sector SPDR plunged 2.2% due to concerns over oil demand from China, the world’s largest oil importer. Oil prices also took a hit, with WTI crude settling at $70.71 per barrel.