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Stocks rose Monday as investors weighed a pause in hostilities between the U.S. and Iran, though selling pressure in chipmakers kept gains in check. Investors unloaded shares of Micron and other artificial intelligence-linked semiconductor names.
The Dow spiked 254.11 points to 52,130.22.
The much-broader index hiked 60.44 points to 7,414.46.
The NASDAQ hurtled higher 342.10 points, or 1.4%, to 25,639.71.
Micron sank nearly 8% to its lowest price in roughly two weeks. Fellow memory chipmaker Sandisk also dropped 8.4%. Intel slid 5.3%.
Comcast shares, meanwhile, rallied 9% after the company said it will spin off its media and tech businesses into two publicly traded companies. The separation is expected to be completed in about a year.
Alphabet also gained ground in Monday’s trading session, climbing more than 4% as investors reacted to its debut in the blue-chip Dow.
Investors unloaded shares of Micron and other artificial intelligence-linked chips stocks, causing the overall market to lose steam after it surge shortly after the bell.
Comcast shares, meanwhile, rallied 9% after it said it will spin off its media and tech businesses into two publicly traded companies. The separation is expected to be completed in about a year.
The U.S. and Iran agreed Sunday to pause hostilities and allow commercial vessels to transit the Strait of Hormuz freely, following a weekend of military exchanges that threatened to derail negotiations aimed at ending their conflict.
Prices for the 10-year Treasury dipped, raising yields to 4.38% from Friday’s 4.37%. Treasury prices and yields move in opposite directions.
Oil prices captured $1.54 to $70.77 U.S. a barrel.
Gold prices faltered $55.80 to $4,040.50 U.S. an ounce.
