New york: Major US stock indexes rose on Wall Street on Monday, with the Dow Jones Industrial Average hitting a record high, after inflation fears eased as crude oil prices fell. Dow Jones Industrial Average rose by 490.38 points (or 0.96%) to close at a record high of 51,684.88. S and P 500 gained 123.80 points (or 1.67%) to end at 7,555.26. Nasdaq Composite jumped 797.79 points (or 3.07%) to 26,683.64, marking its strongest one-day percentage gain since March 31.
According to Emirates News Agency, the stock market's positive movement was driven by a decline in crude oil prices, which helped to alleviate investor concerns about inflation. The tech sector led the gains, contributing significantly to the Nasdaq Composite's impressive performance. The easing of inflation worries prompted investors to seek opportunities in stocks, boosting overall market sentiment.
The Dow's record close and notable gains in other major indexes reflect renewed investor confidence. Analysts suggest that continued monitoring of commodity prices and economic indicators will be crucial in determining future market trends. The day's trading activity underscores the stock market's resilience amidst evolving economic conditions.