By Yasin Ebrahim
Investing.com – The Dow closed higher on Monday as several mega-cap tech companies resumed their climb after stumbling last week as investors were eagerly awaiting important gains planned for later this week.
The rose by 0.43% or 115 points. They won 1.67% and the added 0.74%
Mega-Cap technology got off to a good start in the week as investors waited for clues to the performance of (NASDAQ :), Apple (NASDAQ :), Alphabet (NASDAQ 🙂 and Facebook (NASDAQ 🙂 to report all earnings on Thursday.
Before the earnings reports, Tech is scrutinized on Capitol Hill, where the CEOs of Facebook, Apple, Alphabet and Amazon are to testify on Wednesday before a congressional hearing on antitrust law in the area of big tech.
Tech's rise was also supported by an increase in chip stocks, led by a 12.6% increase in Taiwan Semiconductor (NYSE 🙂 after Intel reportedly ordered 6nm chips from Taiwan Semiconductor for next year .
In the healthcare system, Moderna (NASDAQ 🙂 grew 9.1% after receiving $ 472 million in government funding to accelerate the development of its coronavirus vaccine.
In terms of earnings, Hasbro (NASDAQ :), meanwhile, reported second quarter results that were missing on the top line as closed business and product shortages detracted from performance and pushed the stock down more than 7%.
In other news, Boeing (NYSE :), which fell 2.07%, is reportedly planning to delay the launch of its new 777X jet by up to a year, CNBC said, citing sources.
Financial stocks, driven by a decline in bank stocks, also kept profits in check on the broader market.
People & # 39; s United Financial (NASDAQ :), Huntington Bancshares (NASDAQ :), Wells Fargo (NYSE 🙂 were among the biggest declines.
Risk sentiment among investors was also supported by stronger than expected growth in durable goods orders, which raised expectations of a recovery in economic growth in the third quarter.
In the economic news, US durable goods orders in June exceeded economists' forecasts and raised expectations for a recovery in economic growth in the third quarter.
"This creates positive momentum for investment and overall GDP in the third quarter," said Jefferies (NYSE :).
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