By Caroline Valetkevitch
NEW YORK (Reuters) -The Nasdaq and rose on Monday along with tech-related shares after the market posted a strong November ahead of this week’s economic data including the key monthly jobs report on Friday.
The Dow was down slightly on the day. Both the Dow and S&P 500 recorded their best months in a year on Friday.
Technology, communication services and consumer discretionary shares were the only positive sectors on Monday. Tesla (NASDAQ:) shares rose 3.2%, with Stifel raising its price target on the stock.
“We’re seeing a market that’s in a seasonably strong period just creep higher,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.
“It’s a tough time for people to bail out, but by the same token, I don’t see an explosive finish to the year. There’s just too much uncertainty to where we’re headed. … No one is quite sure what the plan is economically with the new administration.”
Former U.S. President Donald Trump recaptured the White House in last month’s election and his Republican Party swept both houses of Congress, boosting stocks in November.
The fell 77.79 points, or 0.17%, to 44,832.86, the S&P 500 advanced 15.34 points, or 0.25%, to 6,047.61 and the gained 174.03 points, or 0.91%, at 19,392.20.
Trump’s potential plans for tax cuts and deregulation are seen as likely to lift the market while tariffs would be negative.
Data from the Institute for Supply Management (ISM) showed U.S. manufacturing activity improved in November, while the final reading of the S&P manufacturing survey was revised upwards to 49.7, compared to a previous reading of 48.8.
Super Micro Computer (NASDAQ:) jumped 28% after the artificial intelligence server maker began its search for a new finance chief based on recommendations made by a special committee formed to review the company’s accounting practices.
Declining issues outnumbered advancers by a 1.09-to-1 ratio on the NYSE. There were 343 new highs and 60 new lows on the NYSE.
On the Nasdaq, 2,268 stocks rose and 2,032 fell as advancing issues outnumbered decliners by a 1.12-to-1 ratio.
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