Wall Street Closes with Gains; Tech Stocks Stand Out

The market responded positively after President Joe Biden withdrew from the Democratic candidacy and tech stocks rebounded from their worst weekly loss since April.

All three major Wall Street indices advanced on Monday. The Dow Jones, which tracks 30 large companies, rose 0.32% to 40,415.44 points. The S&P 500, covering 500 stocks, gained 1.08% to 5,564.41 units. The tech-heavy Nasdaq Composite increased by 1.58% to 18,007.57 points.

The market was buoyed by the possibility that Biden’s withdrawal might lead to increased competition for his Republican rival, Donald Trump, whose ideas are met with skepticism.

Additionally, major tech stocks rebounded after sector rotation earlier in the week. Tesla shares rose 5.15%, followed by Nvidia at 4.71%, Alphabet at 2.21%, and Microsoft at 1.33%.

The sectors that declined were energy (-0.72%) and consumer discretionary (-0.04%), while technology saw the largest gains (1.96%). Within the Dow Jones, Verizon fell 6% after its report, whereas Nike gained 3%.

In other news, on Monday, Jaime Harrison, Chair of the Democratic National Committee, announced that the party will present a presidential candidate by August 7 and is committed to an “open and fair” nomination process.

Early Monday, Vice President Kamala Harris quickly consolidated support for her presidential candidacy, securing commitments from hundreds of convention delegates.

“I want to assure you that we are dedicated to an open and fair nomination process,” said Jaime Harrison. “The task ahead may be unprecedented, but we are ready to undertake a transparent, swift, and orderly process to move forward as a united Democratic Party.”