Technology stocks pulled Wall Street to another record amid mixed trading on Monday.
- The S&P 500 rose 14.77 points, or 0.2%, to 6,047.15 % after closing November at an all-time high.
- The Dow Jones Industrial Average fell 128.65 points, or 0.3%, to 44,782.
- The Nasdaq composite rose 185.78 points, or 1%, to 19,403.95.
Super Micro Computer, a stock that's been on an AI-driven roller coaster, soared 28.7% after saying an investigation found no evidence of misconduct by its management or the company's board, the
AP reports.
Big Tech stocks also helped prop up the market. Gains of 1.8% for Microsoft and 3.2% for Meta Platforms were the two strongest forces pushing upward on the S&P 500. Intel was another propellant during the morning, but it lost an early gain to fall 0.5% after the chip company said CEO Pat Gelsinger has retired and stepped down from the board. Intel is looking for Gelsinger's replacement, and its chair said the company is "committed to restoring investor confidence." Intel recently lost its spot in the Dow Jones Industrial Average to Nvidia.
Stellantis, meanwhile, skidded following the announcement of its CEO's departure. Carlos Tavares steps down after nearly four years in the top spot at the automaker, which owns car brands like Jeep, Citroën, and Ram, amid an ongoing struggle with slumping sales and an inventory backlog at dealerships. The world's fourth-largest automaker's stock fell 6.3% in Milan.
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Retailers were mixed amid what's expected to be the best Cyber Monday on record and coming off Black Friday. Target, which recently gave a forecast for the holiday season that left investors discouraged, fell 1.2%. Walmart, which gave a more optimistic forecast, rose 0.2%. Amazon, which looks to benefit from online sales from Cyber Monday, climbed 1.4%.
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