Big Gains for Big Tech Push Indexes Higher

Facebook jumps after antitrust suit dismissed
By Newser Editors and Wire Services
Posted Jun 28, 2021 3:48 PM CDT

(Newser) – Most US stocks edged lower on Monday, but strength for several big tech companies nudged indexes a bit further into record heights. The S&P 500 added 0.2% after bouncing between small gains and losses through the morning. The index is coming off its best week since February as optimism builds about the strengthening economy and expectations that the Federal Reserve will keep interest rates low for a while longer, the AP reports. The S&P 500 rose 9.91 points, or 0.2%, to 4,290.61.The Dow Jones Industrial Average fell 150.57 points, or 0.4%, to 34,283.27. The Nasdaq rose 140.12 points, or 1%, to 14,500.51.

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Facebook was among the tech winners, gaining 4.2% after a federal judge dismissed antitrust lawsuits brought against it by the Federal Trade Commission and a coalition of state attorneys general. Apple rose 1.3%, Microsoft gained 1.1% and Intel climbed 2.9%. Nvidia jumped 5.1% after the Sunday Times in Britain reported several big customers of UK semiconductor company Arm came out in support of its proposed takeover by Nvidia. Still, worries remain on Wall Street, and a measure of nervousness in the stock market ticked 3% higher. The next major turning point for the market could come on Friday, when the federal government gives the latest monthly update on how many jobs the economy is creating and what wages are doing.

(Read more stock market stories.)

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