U.S. stock indexes edged closer to all-time highs after experiencing an impressive performance in May.
On Monday, the S&P 500 rose by 0.4%, while the Dow Jones Industrial Average gained 0.1%, and the Nasdaq composite increased by 0.7%.
Each of these indexes initially fell by almost 1% in the morning session, triggered by some concerning data from the U.S. manufacturing sector.
However, as the day progressed, the market rebounded, largely due to the strong performance of a few significant Big Tech stocks.
Their advances were sufficient to pull the S&P 500 higher, even though most of its constituents didn’t fare as well.
Breaking down Monday’s figures:
The S&P 500 climbed 24.25 points, equivalent to a 0.4% increase, closing at 5,935.94.
The Dow Jones Industrial Average went up by 35.41 points, or 0.1%, finishing at 42,305.48.
Meanwhile, the Nasdaq composite expanded by 128.85 points, a 0.7% rise, closing at 19,242.61.
Additionally, the Russell 2000, which tracks smaller companies, rose by 3.88 points, marking a 0.2% improvement, closing at 2,070.16.
Looking at the year-to-date numbers:
The S&P 500 has increased by 54.31 points, translating to a 0.9% gain.
Conversely, the Dow is down by 238.74 points, a 0.6% decline.
The Nasdaq has dropped by 68.18 points, a 0.4% decrease.
The Russell 2000 shows a more severe downturn, down by 159.99 points, which is a 7.2% drop.