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Nasdaq Jumps As Tech Stocks Rally, Dow Reaches New Record Closing High

WASHINGTON (dpa-AFX) - Following the long Independence Day weekend, stocks moved mostly higher during trading on Monday. The major averages all moved to the upside, with the Dow reaching a new record closing high.The tech-heavy Nasdaq led the way higher, jumping 288.49 points or 1.1 percent to 26,1…

The tech-heavy Nasdaq led the way higher, jumping 288.49 points or 1.1 percent to 26,121.16. The S&P 500 also advanced 54.19 points or 0.7 percent to 7,537.43, while the Dow rose 155.84 points or 0.3 percent to 53,055.91.

The upward move on Wall Street came amid strength among technology stocks, with computer hardware stocks turning in some of the best performances.

Reflecting the strength in the computer hardware sector, the NYSE Arca Computer Hardware Index shot up by 3.4 percent.

Shares of Dell Technologies (DELL) spiked by 4.4 percent after President Donald Trump promoted the company's computers in an Oval Office ceremony ringing the opening bell for the markets.

Substantial strength was also visible among networking and semiconductor stocks, with the NYSE Arca Networking Index and the Philadelphia Semiconductor Index surging by 2.8 percent and 2.2 percent, respectively.

Outside of the tech sector, brokerage stocks showed a strong move to the upside, driving the NYSE Arca Broker/Dealer Index up by 2.1 percent.

Banking and steel stocks also saw considerable strength on the day, while pharmaceutical, telecom, housing and utilities stocks showed notable moves to the downside.

In U.S. economic news, the Institute for Supply Management released a report showing growth in U.S. service sector activity slowed slightly in the month of June.

The ISM said its services PMI edged down to 54.0 in June after rising to 54.5 in May, although a reading above 50 still indicates growth. The modest decrease matched economist estimates.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance on Monday. Japan's Nikkei 225 Index and China's Shanghai Composite Index closed slightly lower, while Hong Kong's Hang Seng Index jumped by 1.1 percent.

The major European markets also ended the day mixed. While the German DAX Index rose by 0.2 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both fell by 0.3 percent.

In the bond market, treasuries pulled back near the unchanged line after seeing initial strength. The yield on the benchmark ten-year note, which moves opposite of its price, ended the day down by less than a basis point at 4.479 percent.