The S&P 500 and Nasdaq Composite jumped 0.9% and 1.5%, respectively, to finish at their highest level in 13 months on Monday. The Dow added 189.55 points, or 0.56%. The S&P 500 is now up more than 24% from its October low, surpassing the simplistic definition of a bull market.Fund managers turning more bullish on A.I.'s profit impact, according to Bank of America
A June survey of fund managers by Bank of America shows the group turning more bullish on the near-term impact of artificial intelligence. When asked about the impact of AI adoption over the next two years, 40% said they expect higher profits, while 14% said they see an increase in both job and profits. A little less than a third of respondents expect neither.The major averages kicked off the session on a high note after a fresh inflation report matched expectations.
The Dow traded 68 points higher, or 0.2%. The S&P 500 climbed 0.4%, and the Nasdaq Composite advanced 0.8%.GameStop rose 6% in the premarket after Chairman Ryan Cohen disclosed the purchase of 443,842 shares. That's about $10.8 million worth of GameStop shares, based on Monday's closing price.