Wall Street's Main Indices Surge with the "Fabulous Seven" Tech Stocks

Wall Street's main indexes rallied due to strong demand for the technology stocks known as the "Magnificent Seven." Meta Platforms (NASDAQ:META), Nvidia, and Tesla saw gains ranging from 2.3% to 3.7%, while Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), and Google's parent company Alphabet (NASDAQ:GOOGL) also remained in positive territory.

These gains assisted the Nasdaq Composite and the Dow Jones Industrial Average in achieving their third consecutive rise, while the S&P 500 marked its second increase in three sessions. The S&P 500 climbed 43.22 points or 0.73% to 5,974.07, and the Nasdaq Composite rose by 192.29 points or 0.98% to 19,764.89. The Dow Jones Industrial Average was up 66.69 points or 0.16% to 42,906.95.

Reflecting the holiday spirit ahead of Christmas, trading volume in U.S. markets was 12.76 billion shares, below the previous 20-day average of 14.89 billion shares. Chris Zaccarelli, Chief Investment Officer of Northlight Asset Management, noted that while there has been some recalibration in the last few days due to changes in interest rate expectations among investors, many of the same trends, including the preference for technology and tech-related stocks, have remained consistent. Zaccarelli stated, "Today we are really seeing a microcosm of what we have encountered throughout the year, and despite what we have seen in the last few weeks, trends are reestablishing themselves."