STORY: Wall Street’s main indexes closed higher on Monday thanks to gains in many of the Magnificent Seven tech stocks.
The Dow ticked up more than a tenth of a percent, the S&P 500 added more than seven-tenths and the Nasdaq rose nearly 1%.
Meta Platforms, Nvidia and Tesla all closed higher, with Google parent Alphabet also in positive territory.
And that could all bode well for a so-called Santa Claus rally, says Mike Mussio, president of FBB Capital Partners.
“I think one of the causes of this every year is, let’s go with some general optimism for a new year, a new resolutions, prosperous new year for everybody. At the same time, there’s probably a little bit of window dressing happening on the ends of the calendar year where people are positioning their portfolios to own a little bit more of some things, a little bit less of others. And if that window dressing is leading you into big cap stocks, that are weighted a little bit more in the indices, you’d expect to see a little bit of a pop.”
Among other individual movers, shares of Qualcomm gained 3.5% after a jury found its central processors are properly licensed under an agreement with UK-based Arm Holdings.
Shares of Arm, which has vowed to seek a fresh trial, fell.
Walmart shares tumbled 2% after the U.S. consumer finance watchdog accused the retail giant and workforce payments company Branch Messenger of forcing more than a million delivery drivers into using accounts that cost them more than $10 million in junk fees.
And shares of Eli Lilly gained 3.7% after the U.S. Food and Drug Administration approved the drugmaker’s weight-loss treatment, Zepbound, for obstructive sleep apnea.
