Oct. 12 (UPI) — The Nasdaq Composite recorded its best day in a month on Monday as tech stocks helped to push the broader markets higher.
The tech-heavy index climbed 296.32 points, or 2.56%, its best day since Sept. 9, when it rose 2.7%. The Dow Jones Industrial Average also gained 250.62 points, or 0.88%, while the S&P 500 ended the day up 56.96 points, or 1.64%.
Apple stock led Monday’s tech surge, gaining 6.37% ahead of the expected announcement of its first 5G iPhone, as Apple shares have historically outperformed the broader market following the launch of an iPhone.
Amazon also grew 4.75% Monday, Facebook gained 4.27%, Google’s parent company, Alphabet, increased 3.58% and Microsoft rose 2.59%.
Monday’s gains helped push the Nasdaq closer to exiting corrections territory — defined as a 10% drop from a recent high — as it hit 11,876.26 points, nearing a new record peak of more than 12,056.44.
The tech push helped markets rise Monday despite ongoing turbulence in negotiations over an additional round of COVID-19 stimulus before November’s election.
Over the weekend, House Speaker Nancy Pelosi said that the White House’s most recent $1.8 trillion proposal as “insufficient” while Treasury Secretary Steve Mnuchin and White House Chief of Staff Mark Meadows called for Congress to hold a separate vote on releasing unused Paycheck Protection Program funds.