NEW YORK, Sept. 22 (Xinhua) -- U.S. stocks advanced Monday, extending Wall Street's record run as gains in Big Tech megacaps drove the market higher.
The Dow Jones Industrial Average rose 66.27 points, or 0.14 percent, to 46,381.54. The S&P 500 added 29.39 points, or 0.44 percent, to 6,693.75. The Nasdaq Composite Index increased 157.50 points, or 0.7 percent, to 22,788.98. All three major averages posted their third straight session of fresh record closes.
Six of the 11 primary S&P 500 sectors finished in the red, with communication services and consumer staples down 0.92 percent and 0.89 percent, respectively. Technology and utilities led the gainers, up 1.74 percent and 0.92 percent, respectively.
Nvidia surged 3.93 percent to a record high after announcing plans to invest up to 100 billion U.S. dollars in OpenAI over the coming years. Oracle shares jumped 6.31 percent.
Among other Big Tech megacaps, Apple rose 4.31 percent on robust demand for its new iPhones, while Tesla gained 1.91 percent as optimism grew around its self-driving technology and product pipeline.
The latest advance came on the heels of a strong week that saw all three indexes notch all-time highs and the Russell 2000 small-cap benchmark record its first closing peak since November 2021.
The rally has been fueled by the Federal Reserve's first interest rate cut since December 2024, with futures markets projecting two more quarter-point reductions by year-end, according to the CME FedWatch tool.
"Unless something goes to hell in a handbasket in the next three months, basically the markets are telling you that they want to work their way higher and will do so by the end of the year," said Sam Stovall, chief investment strategist at CFRA Research.
Looking ahead, investors will be watching closely for signals from a busy lineup of Fed speakers this week, including Chair Jerome Powell and newly installed governor Stephen Miran, who on Monday argued that rates should be about two percentage points lower. Powell is due to speak on Tuesday.
Markets are also awaiting Friday's release of the Fed's preferred inflation gauge, the Personal Consumption Expenditures Price Index, for clues on the policy outlook. ■