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Last Updated:
May 15, 2023 at 6:39 PM EDT
Updated May 15, 2023 at 8:21 PM
Stocks Rally, Led By Tech Sector
Stocks rallied to close higher on Monday, led by technology stocks, as investors await the second round of high-level debt ceiling negotiations at the White House on Tuesday.
The Dow Jones Industrial Average gained 48 points or 0.1%. The S&P 500 closed up 0.3%, and the Nasdaq Composite advanced 0.7%.
Leading the S&P higher was Western Digital (ticker: WDC), with shares up 11%. A report of Western Digital merging with the in flash-memory producer, Kioxia Holdings, propelled the stock. Information technology was the S&P’s top performing sector Monday.
Investors are watching the drama unfold as lawmakers negotiate to raise the nation’s $31.4 trillion borrowing limit. President Joe Biden said Sunday he’s “optimistic” about finding an agreement with Republicans.