Nasdaq Surges 2.3% to Record High as Dow And S&P 500 Gain

U.S. stocks rallied as oil prices fell, bitcoin climbed above $86,000 and technology shares advanced ahead of an expected meeting between U.S. President Donald Trump and Chinese President Xi Jinping later this week, Grace O’Donnell and David Hollerith reported for Yahoo Finance.

US stocks rallied as the Nasdaq Composite reached a record close, led by gains in technology and semiconductor shares. [Photo: Nasdaq X]

The technology-heavy Nasdaq Composite posted the strongest gain, climbing 2.3% to a record close of 27,122.09. The S&P 500 gained 1.5% to 7,764.70, while the Dow Jones Industrial Average rose 0.7% to 52,048.83.

Technology and semiconductor stocks led the advance.

Meta Platforms gained 11%, Advanced Micro Devices rose about 10%, and Intel climbed 12%.

AMD's market capitalization also surpassed $1 trillion for the first time.

Market sentiment improved as oil prices retreated below $100 a barrel amid hopes for renewed diplomatic engagement between the United States and Iran. West Texas Intermediate crude fell about 4.7% to around $95.56 a barrel, while Brent crude declined about 3.7% to around $100.06.

Bitcoin rose above $86,000, helping lift cryptocurrency-related stocks including Coinbase and Strategy.

The gains came despite continuing concerns about higher bond yields, geopolitical tensions in the Middle East, expectations for further Federal Reserve rate increases and uncertainty surrounding the outlook for artificial intelligence spending.