The three major indexes on the New York stock market finished higher. In particular, software stocks, which had been dumped on fears sparked by Generative AI, rose more than 3%, contributing to gains in the indexes for a second straight day.
On the 9th (local time) at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 50,135.87, up 20.20 points (0.04%) from the previous session.
The Standard & Poor's (S&P) 500 rose 32.52 points (0.47%) to 6,964.82, and the tech-heavy Nasdaq composite climbed 207.46 points (0.90%) to 23,238.67 at the close.
The Dow was shown to have set both an intraday record high and a closing record high.
Traditional industrials largely took a breather. ◇ Walmart ◇ JPMorgan Chase ◇ Visa ◇ Procter & Gamble ◇ Coca-Cola ◇ Amgen ◇ Walt Disney entered corrections of 1% to 2%.
However, MS, whose market capitalization fell below $3 trillion last week, rose more than 3%, leading the Dow and Nasdaq and reclaiming the $3 trillion market-cap mark.
Semiconductor stocks also showed solid demand. Nvidia rose 2.4%, and Oracle also surged 9.6%. The Philadelphia Semiconductor Index rose 1.42%, extending last week's rally.
Software stocks, which had plunged on concerns that Generative AI would encroach on their business areas, rose for a second straight transaction day. The Dow Jones U.S. software industry index gained 3.3%.
By sector, materials and technology rose more than 1%.
Jefferies said in a report, "Even in the AI transition, existing software companies that control data and workflow are likely to be the ultimate winners," adding, "We maintain an overweight view on infrastructure software."