Stock market today: Wall Street rallies to more records as big tech stocks keep soaring

NEW YORK — U.S. stocks rallied to more records as gains for technology companies keep pushing the market higher. The S&P 500 rose 0.8% Monday, beating the all-time high it set on Thursday. The Nasdaq composite climbed 1% to set a record of its own. The Dow Jones Industrial Average added 0.5%, but remains below its all-time high. Broadcom piled more onto its strong gains from last week and helped lift the market along with other technology companies benefiting from the frenzy around AI.

The only stock to rise more in the S&P 500 was Super Micro Computer, which leaped 8.2% to bring its gain for the year so far to a staggering 221.5%. The company, which sells server and storage systems used in artificial intelligence and other computing, is part of the supernova around AI that's been overshadowing almost everything else on Wall Street.

Such continued momentum for Big Tech stocks, along with easing pressure on inflation, has investors “cheering the ‘glass half full’ outlook” instead of focusing on the struggles of lower- and middle-income Americans, among other challenges, according to Anthony Saglimbene, chief market strategist at Ameriprise.

A report on Monday said manufacturing in New York state is still contracting, though not by as much as economists expected. Manufacturing has been one of the areas hardest hit by the Federal Reserve’s zeal to keep its main interest rate at the highest level in more than two decades.

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