Asia Shares Mixed After Tech Rally Takes S&P 500 Near Record
Shares were mixed in
Benchmarks fell in
Markets were buoyed by developments in
The proposed package will also include
Investors say it’s crucial that the support comes, particularly after
“The markets are in ‘show me the money' mode, perhaps erring on the side of caution, not holding their breath for an imminent deal in
Without more help for the
Still, on Monday the S&P 500 picked up 9.14 points, or 0.3%, to 3,381.99. Earlier in the day, it briefly crossed above its record closing level of 3,386.15, which was set on
The Nasdaq composite rose 1% to 11,129.73, and smaller stocks in the Russell 2000 index gained 0.5%, to 1,585.47. The Dow Jones Industrial Average was an outlier, slipping 0.3% to 27,844.91.
Tech stocks across the S&P 500 climbed 0.5%, accounting for about two-thirds of the index's gain. Nvidia jumped 6.7% for one of the biggest gains in the index, and Microsoft added 0.7%.
But losses for financial and energy stocks helped restrain the market’s gains. These areas tend to rise and fall with expectations for the economy, and they had been showing a bit more life in recent weeks in an encouraging sign for market watchers.
Shares of several banks were under pressure Monday after Warren Buffett’s
Higher yields can be an indication that investors are upgrading their expectations for inflation and the economy. But they can also pull some buyers away from stocks into bonds, hurting stock prices in the process.
Benchmark
In currency dealings, the
Gold for delivery in December climbed
AP Business Writers
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