U.S. Stock Market Performance on October 28, 2024

U.S. stocks experienced an upward movement on Monday, October 28, 2024, primarily driven by significant gains in major technology companies, often referred to as Big Tech. These increases helped to offset declines seen in the oil and gas sectors, especially following a sharp drop in crude oil prices.

The S&P 500 index rose by 15.40 points, or 0.3%, closing at 5,823.52. Similarly, the Dow Jones Industrial Average made a gain of 273.17 points, or 0.6%, finishing at 42,387.57. The Nasdaq composite also increased by 48.58 points, or 0.3%, approaching its all-time high reached in July with a closing value of 18,567.19.

Investors are particularly excited about the upcoming earnings reports from major companies like Apple and others in the tech sector, which are scheduled to be released later this week. These anticipated profits could continue to drive the momentum in the stock market.

In contrast to the positive performance of tech stocks, oil prices plummeted by more than 6%. This decline followed a measured response from Israel regarding its retaliation against Iran, which reassured some investors that the situation may not escalate as they had initially feared.

On Monday's trading session, the Russell 2000 index, which tracks smaller companies, also showed strong performance with a rise of 36.07 points, or 1.6%, closing at 2,244.07.

Year-to-date performance showcases robust growth across the major indices. The S&P 500 has gained 1,053.69 points, a notable 22.1% increase. The Dow Jones Industrial Average saw an uptick of 4,698.03 points, or 12.5%. Meanwhile, the Nasdaq composite gained 3,555.84 points, reflecting a 23.7% rise. The Russell 2000 index has increased by 216.99 points, amounting to a 10.7% gain.

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