The S&P 500 rose on Monday, supported by gains in artificial intelligence names, kicking off a shortened holiday week.
The broad market index rose 0.64% to 6,878.49, recording its third consecutive positive day. The Dow Jones Industrial Average rose by 227.79 points, or 0.47%, ending at 48,362.68. The Nasdaq Composite rose 0.52% to 23,428.83.
Key AI-related stocks offered a boost to the broader market. Nvidia shares rose more than 1% after Reuters said the firm plans to start shipping its H200 chips to China by mid-February, SEEbiz reports. Meanwhile, Micron Technology rose about 4%, while Oracle rose more than 3%.
Wall Street is coming off a mixed week for the major averages. A late-week rally in tech stocks helped the S&P 500 and Nasdaq Composite post their third positive week in four weeks. The Dow, which includes 30 stocks and has outperformed this month, snapped a three-week winning streak.
However, investors are watching to see if AI stocks will maintain their lead heading into the end of the year, especially as investors turn to cheaper parts of the market amid concerns about high valuations for tech stocks. There is also doubt as to whether the Santa rally will happen as the S&P 500 struggles to hold a key technical level.
