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  • S&P 500 advances to all-time high; Nasdaq 100 gains the most
  • Tech stocks cheer on China’s stimulus news as AI optimism prevails
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Wall Street celebrated Columbus Day with fresh highs, with the Nasdaq 100 trading almost 1.0% up at a three-month high of 20,493 and the S&P 500 index surging 0.50% to unlock an all-time high of 5,840.

Bank stocks excluding Goldman Sachs could not attract fresh impetus following Friday’s encouraging earnings from JPMorgan and Wells Fargo, while Tesla’s stock was on the back foot as well after Elon Musk’s unveiling of robotaxi could not provide enough insight on the technology and timeline. Boeing suffered more losses after it announced a 10% workforce reduction.

On the other hand, tech stocks took the lead with a 1.5% surge as China’s stimulus updates renewed investors’ AI appetite.

Nvidia is close again to unseating Apple as the world’s most valuable company with a record high above June’s top of $140.76. There were some concerns about production delays until the company announced that its Blackwell chips are in full production and demand is insane, putting its stock back in an uptrend at the beginning of October.