US stocks stay well supported, DOW hits record

The US stocks stayed well supported Monday as supportive economic cues and weak oil prices boosted sentiments. The Dow Jones Industrial Average jumped 1.3 percent to reach a record 53,178.41. The S&P 500 soared 1.5 percent, ending just below its closing record of 7,620.90, set on June 2. The Nasdaq Composite also rose 2.1 percent and closed at 25,913.90.

Major technology companies led the advance. Meta Platforms rose 6 percent, while Microsoft, Amazon and Alphabet gained between 4.4 percent and 4.9 percent. Nvidia also climbed 2.9 percent and Tesla rose 3.5 percent.

Brent crude fell about 5 percent on Monday as President Donald Trump said talks with Iran were under way.

On the economic front, activity in the United States' manufacturing sector expanded in July compared to the month prior, the Institute for Supply Management (ISM) said in its report published on Monday. The Manufacturing Purchasing Managers' Index (PMI) stood at 55.6%, growing for the seventh consecutive month.

At the same time, the Employment Index advanced 3.1 percentage points compared to June, reaching 52.8%. The Production Index rose 6.3 percentage points to 58.5%, reaching its highest level since November 2021. Meanwhile, the New Order Index came in at 56.7%, adding 0.7% compared to the month prior.

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