finance
U.S. Stocks Rise as Energy Shares and Chip Makers Advance
Major U.S. indexes climbed Monday, with the S&P 500 gaining 1 percent and the Nasdaq rising 1.8 percent. Energy prices increased and several technology suppliers posted double-digit gains after new investment announcements.
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U.S. stocks rose Monday and recovered some of their losses from a rare losing week. The S&P 500 climbed 1 percent after erasing a midmorning stumble and was on track to break a five-day losing streak. The Dow Jones rose 296 points, or 0.6 percent, while the Nasdaq composite gained 1.8 percent.
Comcast shares jumped 6.5 percent after the company said it will split off its NBCUniversal media business and Sky from its broadband and wireless business. The stock had already fallen 17.3 percent for the year before the announcement. Applied Materials rose 10.5 percent after Samsung Electronics and SK Hynix said they will invest roughly $518 billion in a new chipmaking hub in South Korea.
The move is aimed at meeting surging demand for artificial-intelligence chips. Oil prices also rose. Brent crude climbed 2.1 percent to $74.09 a barrel, while benchmark U.S. crude rose 2.4 percent to $70.92. President Donald Trump said on social media that Iran had requested a meeting with U.S. counterparts following attacks across the Persian Gulf over the weekend.
One of Iran’s top negotiators said no further talks had been scheduled. Markets are watching whether an end to the conflict will reopen the Strait of Hormuz to oil tankers.
The Australian sharemarket is set to edge up 0.1 percent at the open, with futures pointing to a gain of 10 points. The Australian dollar traded at 68.88 U.S. cents. Indexes were mixed across Europe and Asia. Stocks rose 1.6 percent in Hong Kong and 1.2 percent in Shanghai, while South Korea’s Kospi slipped 0.2 percent.
