Wall Street: Nasdaq at Record High

On the New York Stock exchange on Monday, the Nasdaq closed at a new record high with U.S. stocks gaining on the back of the strong data of last week’s U.S. jobs report.

The Nasdaq Composite was at 7,579.83 gaining 0.25 percent.

The Dow Industrial Average was at 25,394.24, up 0.23 percent in morning trading but closed down 150 points in the red over concerns of a possible trade war.

The S&P 500 was at 2,791.32 gaining 0.17 percent, led by a 0.62 percent rise in consumer discretionary stocks.

Technology stocks gained 0.4 percent at 7,588, 28 points higher which supported the Nasdaq to new highs.

Driving the S&P 500 higher was gains in chipmakers Broadcom, Micron Technology, Apple gaining 1 percent and Amazon up 1.2 percent. Reports that Intel was considering making a bid for Broadcom, saw Broadcom shares rise 2.9 percent.

Traders Upbeat

Throughout the day traders were in an upbeat mood after Friday’s better than expected job report with strong hiring of more than 300,000 jobs created for February. In its best single month since the middle of 2016 the labour market added 313,000 jobs. Wage growth for February was sluggish which eased investor’s concerns that the Federal Reserve would raise interest rates too quickly.

On the NYSE advancing issues outnumbered declines, while 1,509 issues rose and 860 fell on the Nasdaq.

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