Traders work on the floor of the New York Stock Exchange (NYSE) on May 18, 2022 in New York City.
Spencer Platt | Getty Images
The S&P 500 rose on Tuesday, extending its longest winning streak in about two years as Wall Street aimed to build on November’s rally.
The S&P added 0.35%, rising for a seventh consecutive day for the first time since its eight-day win streak reached in November 2021. The Dow Jones Industrial Average added 80 points, or 0.24%. The Nasdaq Composite outperformed, rising about 1%.
Technology stocks moved higher as yields pulled back, with the yield on the 10-year Treasury note last trading about 7 basis points lower at 4.595%. Some notable gainers included Microsoft, Apple and Amazon, last up at least 1% each. Semiconductor stocks Advanced Micro Devices, Broadcom and and Intel rose around 2% ahead of the rollout of the Chips Act.
In other news, Datadog surged 28% for one of its best days on record after exceeding quarterly results and providing a strong outlook. Uber rose 3% even after third-quarter earnings fell short of expectations.
“I think the market is responding today to lower yields,” said Andrew Slimmon, noting that those moves also contributed to last week’s rally.
“We could see some consolidation because of such a strong move last week, but the S&P is only at 4,370, so I still think there’s good upside into year end,” added the managing director at Morgan Stanley Investment Management.
Wall Street continued to assess whether last week’s rally can continue after all three indices wrapped their best week in 2023. So far this month, all major averages are on pace for gains, with the Dow is up 3.4%. The S&P and Nasdaq have jumped 4.5% and 6.2%, respectively.
The November uptick in stocks contrasts a weak October in which the S&P 500 slipped into correction territory. Investors grew optimistic after the Federal Reserve left interest rates unchanged following their meeting last week. Treasury yields slid and stocks climbed.
Elsewhere, Wall Street awaits more commentary from central bank speakers, including Federal Reserve Chair Jerome Powell. Quarterly results from Disney, Wynn Resorts, and Occidental Petroleum are due out this week.
