S&P 500, Nasdaq end higher, driven by tech stocks
By Sruthi
Shankar, Johann M Cherian and Carolina Mandl
Mon January 6, 2025 4:32 PM
For the first day of the first full week of the New Year, stocks soared once again as they did on the final day of the first week last Friday. Today it was not so much profit-taking as a newspaper report that allayed the market’s greatest fear about Trump and that is the tariffs driving up inflation. The report said that proposed tariffs would not be nearly as severe as previously stated and, though Trump wasted no time repudiating the voracity of the report and that he had no intention of watering down his plans, the market chose to believe the report.
This resulted in considerable boosts on the Nasdaq and S&P as funds flowed from industrials back to tech. The charts do tell a wider story of all the indexes beginning the session on a considerable upswing until about noon, the Dow up nearly 400 points, before they all started sliding again. But tech still stayed reasonably well in the green while the Dow tumbled modestly into the red as the tariffs are seen as having a much bigger restraint on tech, and particularly automobiles, than other sectors. Tech also got a big boost from Microsoft’s announcement of investing heavily in AI to the tune of some $80 billion. At 17.36 billion, volume came in way above the 12.37 billion average.
DJ: 42,732.13 +339.86 NAS: 19,621.68
+340.88 S&P: 5,942.47
+73.92 1/3
DJ: 42,706.56 -25.57 NAS: 19,864.98 +243.30 S&P: 5,975.38 +32.91 1/6
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