Nasdaq rises to an all-time closing high, S&P 500 ekes out another record; European markets close higher as Fed meeting looms; TeamViewer up 6% on SAP partnership
The Nasdaq Composite jumped to a record high on Monday as investors rotated back into growth-oriented stocks ahead of a key Federal Reserve meeting.
The tech-heavy benchmark rose 0.7% to an all-time closing high of 14,174.14, overtaking the previous record on April 26. The S&P 500 gained about 0.2% to another record close 4,255.15, boosted by the technology sector. The Dow Jones Industrial Average slipped 85.85 points, or nearly 0.3%, to 34,393,75.
Investors are giving growth and tech stocks another chance as bond yields come down. The 10-year Treasury fell below 1.43% on Friday, a three-month low.
The pan-European Stoxx 600 gained 0.25% by the close, paring some of its earlier gains after closing last week at a record high. Oil and gas stocks climbed 2% to lead gains while autos fell 1.1%.
On the data front, euro zone industrial production was stronger than expected in April, Eurostat figures showed Monday, with output across the bloc rising 0.8% month-on-month to double economist projections.
In terms of individual share price action, Germany’s TeamViewer added 6% to lead the Stoxx 600 after announcing a new partnership with SAP, while Philips fell 4% after recalling some of its ventilator machines in the U.S.