Stock market today: Wall Street climbs to push its winning streak to 8 days, longest of the year
U.S. stocks climbed, and Wall Street pulled closer to its record heights following its roller coaster of a summer
NEW YORK — U.S. stocks climbed Monday as Wall Street pulls closer to its record heights following its roller coaster of a summer.
The S&P 500 rallied 1% for its eighth straight gain. That clinched its longest winning streak since November and followed up on the index’s best week of the year. It’s back to within 1% of its all-time high after falling close to 10% below the mark earlier this month.
The Dow Jones Industrial Average gained 236 points, or 0.6%, and the Nasdaq composite jumped 1.4%.
Advanced Micro Devices helped drive the market after saying it would buy ZT Systems, a supplier in the cloud computing and artificial-intelligence industries, in a cash-and-stock deal valued at $4.9 billion. The chip company’s stock rose 4.5%.
Another chip company, Nvidia, was the single strongest force pushing the S&P 500 upward after it rose 4.4%. It’s clawed back most of its sharp losses from earlier in the summer, which were triggered by worries investors sent its stock price too high amid their frenzy around artificial-intelligence technology.
They helped offset a 4.8% drop for Guess? Inc., which said its chief financial officer is stepping down to pursue another opportunity. The apparel and accessories company said it’s begun a search for its next CFO and appointed an interim.
All told, the S&P 500 rose 54.00 points to 5,608.25. The Dow gained 236.77 to 40,896.53, and the Nasdaq composite jumped 245.05 to 17,876.77.
Trading was quiet elsewhere, including in the bond market. Treasury yields held relatively steady ahead of what’s likely to be financial markets’ main event for the week: a speech on Friday by
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