Nasdaq Gains 0.8% as Dow Briefly Tops 53,000 for First Time
Updated
Updated · CNBC · Jul 5
Nasdaq Gains 0.8% as Dow Briefly Tops 53,000 for First Time
2 articles · Updated · CNBC · Jul 5
Summary
The Dow briefly crossed 53,000 for the first time Monday before slipping 57 points, while the S&P 500 rose 0.4% and the Nasdaq added 0.8%.
Tech shares led the move even as chip stocks have recently cooled, with the XLK ETF up more than 1%, Western Digital jumping 8% and Teradyne rising 6%.
That strength followed a solid prior week: the Dow gained nearly 2%, the S&P 500 rose 1.8% and the Nasdaq climbed 2.1%, despite the semiconductor ETF SMH falling 3.2% for a second straight weekly loss.
Fundstrat's Mark Newton said rotation into financials, healthcare and industrials has kept the broader rally intact and projected the S&P 500 could reach 8,000 by mid-August from last week's 7,483.24 close.
Investors now turn to Wednesday's minutes from the Fed's June meeting, the first under new Chair Kevin Warsh, as European markets were muted and Asia-Pacific stocks finished mixed.