US stock market finished volatile session modestly higher on Monday, 06 May 2024, extending the previous session's strong gains, on renewed optimism about the outlook for interest rates after relatively dovish comments from Federal Reserve Chair Jerome Powell combined with weaker-than-expected job growth in April. US nonfarm payrolls data released on Friday showing fewer-than-expected jobs were added in April along with an increase in unemployment, easing fears of an overheating economy.
At closing bell, the Dow Jones Industrial Average index climbed up 176.59 points, or 0.46%, to 38,852.27. The S&P500 index advanced 52.95 points, or 1.03%, to 5,180.74. The tech-heavy Nasdaq Composite index increased by 192.92 points, or 1.19%, to 16,349.25.
Total 10 of 11 S&P500 sectors closed higher along with S&P500 index. Information technology sector was top performer, rising 1.48%, while real estate sector was bottom performer, falling 0.02%.
Among individual stocks, Micron shares gained 4.7% after a report said Baird upgraded the stock to outperform from neutral and said it sees ?meaningful opportunities ahead? for the chipmaker.
Shares of Paramount Global surged 3.1%after a reports stated media company ended its exclusive negotiations with Skydance Media without a deal, allowing the special committee to entertain other offers from rival bidders.
Shares of Spirit Airlines plummeted 9.7% after the discount carrier reported a slightly wider than expected first quarter loss and provided disappointing second quarter revenue guidance.
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