(CNBC) — The Nasdaq Composite jumped to a record high on Monday as investors rotated back into growth-oriented stocks ahead of a key Federal Reserve meeting.
The tech-heavy benchmark rose 0.7% to an all-time closing high of 14,174.14, overtaking the previous record on April 26. The S&P 500 gained 0.2% to another record close 4,255.15, boosted by the technology sector. The Dow Jones Industrial Average slipped 85.85 points, or 0.3%, to 34,393,75.
Investors are giving growth and tech stocks another chance as bond yields come down. The 10-year Treasury fell below 1.43% on Friday, a three-month low. Cathie Wood’s Ark Innovation, an ETF that focuses on disruptive technology, returned about 6% last week. The fund rose another 1.7% Monday even as the benchmark Treasury yield rose briefly back to 1.5%. Apple and Netflix both jumped more than 2%, while Amazon, Microsoft and Facebook also registered gains.
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