advanced 2.6% to 11,876.26. It was the Nasdaq's best day since Sept. 9, when it rallied 2.7%.
Apple jumped 6.4% — the stock's biggest one day gain since July 31 — as investors looked ahead to a key event for the company. On Tuesday, Apple is expected to unveil its first 5G iPhone.Facebook and Amazon advanced 4.3% and 4.8%, respectively. Alphabet popped 3.6% and Microsoft gained 2.6%. The iShares Russell 1000 Growth ETF rallied 2.2% and outperformed its value counterpart, the iShares Russell 1000 Value ETF . The latter rose just 0.8%.
The market is "exhibiting a very strong pro-growth/momentum bias," said Adam Crisafulli, founder of Vital Knowledge, in a note. "The pivot away from cyclicals could reflect reduced near-term odds for fiscal stimulus and spiking COVID cases, but the core macro narrative in the US is still intensely focused on the possibility for a 'Blue Wave.'"
Monday's rally came even as chances for another round of stimulus before the election appeared to dim over the weekend. Both House Speaker Nancy Pelosi, D-Calif., and Senate Republicans pushed back on a
ClosingBell I'm taking some profits....so I can pay for rent next month since no stimulus is coming.
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