Investing.com – U.S. stocks closed at record highs on Monday, as investors piled back into technology stocks, with shares of Amazon (NASDAQ:AMZN) hitting an all-time high.
The recent wobble in tech stocks weighing on the shares of large-cap technology companies like Facebook, Amazon, Apple, Netflix and Alphabet enticed investors back into sector, spurring upward momentum in the broader market.
Amazon was the one of the standout performers in the sector, as shares of the ecommerce giant hit an all-time high of $1,017, as investors continued to cheer Amazon’s bold move to acquire Wholefoods for $13.7 billion.
Financials, mostly banks, also added to the risk-on sentiment with JPMorgan closing 2.2% higher on the back of upbeat comments on inflation from the head of the New York Federal Reserve William Dudely.
New York Fed President William Dudley said that halting interest rate increases could be dangerous for the economy, adding that continued progress in the jobs market will push wages higher, reviving the recent slowdown in inflation.
The record breaking day for U.S. stocks came a few hours after President Donald Trump met with several tech CEOs, including Amazon's Jeff Bezos and Apple's Tim Cook.
The Dow Jones Industrial Average closed at 21,528.99. The S&P 500 closed 0.83% while the Nasdaq Composite rose to 6239.01, up 1.42%.
The ‘Bulls and Bears’ on Wall Street
The top Dow gainers for the session: Apple Inc (NASDAQ:AAPL) up 2.9%, JPMorgan Chase & Co (NYSE:JPM) up 2.2%, while Goldman Sachs Group Inc (NYSE:GS) rose 1.9%.
The Travelers Companies Inc (NYSE:TRV) down 0.9%, Exxon Mobil Corporation (NYSE:XOM) down 0.9% and Chevron Corporation (NYSE:CVX) down 0.8%, were among the worst Dow performers of the session.