By Johann M Cherian
(Reuters) – Major U.S. stock indexes rose on Monday as investors hunted for mega-cap growth stocks, with falling Treasury yields improving sentiment. while Meta Platforms surged after news of further layoffs.
Apple Inc, Amazon.com Inc, Alphabet Inc and Microsoft Corp gained between 0.7% and 3.4%.
(“Investors”) were holding back during the rate hike regime because they believed it would kill growth in tech stocks,” said Peter Andersen, founder of Andersen Capital Management.
Andersen added that the Fed is now signaling that it is nearing the end of its monetary tightening cycle, which could give these high-growth companies an additional boost.
While money markets expect rates to peak at 5.2% in July, a resilient job market has raised expectations of a milder-than-expected recession.
Meanwhile, the Target rose 1.8% on news over the weekend that the Facebook parent is preparing to announce a new round of job cuts, sending the consumer services sector up 0.3%.
At 12:48 (Brasília time), the Dow Jones index rose 0.70%, to 34,107.72 points, while the S&P 500 gained 0.66%, to 4,117.53 points. The Nasdaq Composite technology index advanced 0.82% to 11,813.86 points.
#Wall #rises #boost #growth #stocks #ISTOÉ #DINHEIRO