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US stock indices rose in the first trading session of the week, continuing the momentum from President Donald Trump's victory, with expectations that his administration will work to support the economy. However, losses in technology stocks put pressure on the overall market performance.
Dow Jones Industrial Average gained 0.7%, or 304 points, hitting a record close at 44,293 points. The index added more than 2,000 points since Nov. 1 (42,052 points)
The S&P 500 inched up 0.1%, to a record close at 6,001 points. The Nasdaq added less than 0.1%, to close at 19,298 points, the highest level ever for the technology index.
The S&P 500 IT sector dropped 0.9% with NVIDIA, Apple, Microsoft, Google, Amazon and Meta Platforms losing between 0.65% and 1.6%.
In the European markets, the STOXX Europe 600 index added 1.15% to 512.3 points.
The UK’s FTSE index gained 0.65%, or 8,125 points, Germany’s DAX edged up 1.2% to close at 19,448 points, and France’s CAC rose to 7,426 points.
Japan’s Nikkei index increased 0.1% to 39,533 points, while the broader Topix index fell by the same percentage to 2,739 points.
As for oil, Brent crude Jan 2025 futures inched down 2.75% (or $2.04) to $71.83 a barrel, the lowest since Oct. 29 ($70.73).
US WTI crude futures for December delivery dropped 3.45%, or $2.34, to $68.04 per barrel, the lowest in nine sessions.
As for gold, December futures decreased by 2.85%, or $77.1, to $2,617.7 per ounce—the highest daily drop since June 17, 2021.
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