Stocks climb on Wall Street – Led by technological progress

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The S&P 500 climbed on Monday as technology stocks surged and consumer stocks rose on optimism about China’s reopening.

The S&P 500 gained 0.8%, the Dow Jones Industrial Average gained 0.4%, or 124 points, and the Nasdaq gained 1%.

Technology stocks rose in choppy trade as investors weighed signs of China’s loosening of regulatory crackdowns on tech stocks against expectations of continued monetary tightening by the Federal Reserve.

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Big tech stocks were mostly higher, led by Alphabet (NASDAQ: GOOGL) and Amazon (NASDAQ: AMZN), which rose nearly 3 percent after Monday’s 20-to-1 split took effect %. The move is aimed at making the stock more attractive to private investors.

Meanwhile, Apple (NASDAQ: AAPL) rose about 1% after the tech giant announced a new iPhone software update and its latest chip, the M2.

Ahead of the event, investors eagerly awaited hints about the company’s AR/VR [augmented reality/virtual reality] technology, which “will represent an important addition to the Apple ecosystem as the company aggressively pursues the Metaverse opportunity with Apple Glass. “For,” Wedbush said in a recent report.

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Meanwhile, Twitter (NYSE: TWTR) pared some of its losses after confirming it intends to reach a $44 billion private deal with Elon Musk.

In a regulatory filing, Musk threatened to pull out of the deal, saying social media failed to provide information about fake accounts and users on its platform, a serious breach of the terms of the deal.

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Chinese stocks are also in uptrend mode, led by Didi Global (NYSE: DIDI), up more than 35%, as reports that Chinese regulators are wrapping up their investigation of the ride-sharing company have sparked concerns about the ride-sharing company. Optimism that Beijing’s crackdown on technology is about to end.

Consumer stocks were the best-performing sectors of the day, with casino stocks providing some heavyweights as investors digested further easing of China’s Covid-19 lockdown measures.

Caesars Entertainment (NASDAQ: CZR), Pennsylvania National Bank (NASDAQ: PENN) and Wynn Resorts (NASDAQ: WYNN) rose more than 2%.

Energy stocks shrugged off the fall in oil prices as investors weighed recent pledges by OPEC and its allies to increase production.

In trading news, Spirit Airlines Inc (NYSE: SAVE) jumped 6% after JetBlue Airways (NASDAQ: JBLU) raised its bid for the low-cost carrier . Jetblue raised the termination fee — an amount to be paid to Spirit if the deal is blocked by regulators — to $350 million, or $3.20 per Spirit share.

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