By Anvee Bhutani
U.S. stocks closed higher with the AI trade again pacing the advance as investors returned from the Independence Day holiday weekend in an upbeat mood,
The Dow Jones Industrial Average rose 155.84 points, or 0.29%, to 53055.91. The S&P 500 rose 54.19 points, 0.72%, to 7537.43, while the Nasdaq Composite gained 288.49 points, or 1.12%, to 26121.16.
Tech stocks led the way higher, with Intel and Micron among the gainers. The advance comes ahead of a series of tests for the AI trade this week: Samsung is expected to share a preliminary second-quarter earnings update Tuesday, and South Korean chipmaker SK Hynix's $29 billion U.S. stock-market listing-set to be one of the biggest share sales in history-is expected to begin trading Friday. SpaceX will join the Nasdaq-100 Tuesday after Nasdaq fast-tracked its inclusion, with mutual and exchange-traded funds collectively tracking some $800 billion in assets expected to buy shares of the rocket company after Monday's close. SpaceX shares slipped about 1% Monday ahead of the event.
Write to Anvee Bhutani at anvee.bhutani@wsj.com