Market Snapshot: Nasdaq leads stock-market gains as tech extends bounce

by | Jan 23, 2023 | Stock Market

The Nasdaq Composite led stocks higher Monday, building on a bounce from late last week.How stocks are trading
The Dow Jones Industrial Average
rose 243 points, or 0.7%, to 33,618.

The S&P 500
was up 39 points, or 1%, at 4,012.

The Nasdaq Composite
advanced 169 points, or 1.5%, to 11,310.

Stocks rose sharply on Friday, but the Dow and S&P 500 suffered weekly losses. The Dow slumped 2.7%, while the S&P 500 shed 0.7%. The Nasdaq Composite advanced 0.6% for the week after surging 2.7% on Friday.

What’s driving markets Wall Street picked up Monday where it left off last week. “Markets finished the week strongly, with the beaten down Nasdaq continuing to show signs of new year promise. After a [bad] 2022 in which the rising interest rate environment sucked much of the life from growth stocks, there has been some bargain hunting from investors who wonder whether there has been an overshoot of depressed valuations,” said Richard Hunter, head of markets at Interactive Investor. U.S.-listed shares of audio-streaming service Spotify Technology SA SPOT rose 3.1% Monday after it announced layoffs, contributing to the wave of job cuts sweeping the tech industry. Tech-related shares were lifted last week amid a continued stream of job cuts from megacap companies …

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