The US markets ended higher on Monday with the tech-heavy Nasdaq showing a particularly strong advance. Economic optimism contributed to the buying interest on markets, as the country continues to reopen following the coronavirus pandemic. Covid cases in the US have dropped to their lowest level since June as the nation prepares for Memorial Day weekend. The seven-day average of new infections is about 26,000 as of Sunday. Reopening plays saw notable strength on the day along with technology stocks, which benefited from a rebound in the value of bitcoin.
Besides, semiconductor stocks moved sharply higher over the course of the session, driving the Philadelphia Semiconductor Index up by 2.3 percent. Considerable strength was also visible among software stocks, as reflected by the 2 percent jump by the Dow Jones US Software Index. Computer hardware stocks also turned in a strong performance on the day, with the NYSE Arca Computer Hardware Index climbing by 1.6 percent.
Dow Jones Industrial Average rose 186.14 points or 0.54 percent to 34,393.98, Nasdaq gained 190.18 points or 1.41 percent to 13,661.17 and S&P 500 was up by 41.19 points or 0.99 percent to 4,197.05.