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Tech Stocks Extend Rally to New Heights as Nasdaq 100 Surpasses 22,000 Points

Dec 17, 2024 at 02:47 am

Broadcom Inc. AVGO led the charge, soaring over 8% after receiving bullish price-target updates from analysts.

Tech stocks soared on Monday, hitting new highs as the Nasdaq 100 index climbed over 1% to surpass 22,000 points. The rally was fueled by robust gains among key components in the index.

Here are the highlights from Monday's market performance:

* Broadcom Inc. (NASDAQ:AVGO) led the charge, soaring over 8% after receiving bullish price-target updates from analysts. The company's AI-driven growth potential gained further traction on Friday following its announcement of a collaboration with Apple Inc. (NASDAQ:AAPL) to produce a cutting-edge AI chip.

* Tesla Inc. (NASDAQ:TSLA) also rallied, jumping more than 5%, pushing its post-election gains to 85%. The rally was buoyed by positive analyst sentiment. Wedbush Securities described Tesla as a “game-changer” in AI and autonomous advancements under Trump's administration, adding to the bullish outlook.

* Among other indices, the Russell 2000 rose 1%, while the S&P 500 edged up 0.4%. The Dow Jones Industrial Average, however, dipped 0.2%, weighed down by losses in the energy and healthcare sectors.

* On the economic front, private-sector surveys showed a stronger-than-expected rebound in December activity. The services sector Purchasing Managers’ Index (PMI) surged to 58.5, the highest reading since October 2021. Meanwhile, the Composite PMI climbed to 56.6, its best level since April 2022, as robust growth in services offset continued weakness in manufacturing.

* Crypto-related assets gained fresh bullish momentum, driven by speculation about the U.S. government creating a Bitcoin Strategic Reserve fund. Meanwhile, MicroStrategy Inc. (NASDAQ:MSTR) will be added to the Nasdaq 100 Index on Dec. 23, further boosting sentiment.

* Bitcoin (CRYPTO:BTC) reached $107,000, marking a year-to-date gain of 153%. MicroStrategy shares rose 5.8%, while other crypto-linked stocks, such as MARA Digital Holdings Inc. (NYSE:MARA), Riot Platforms Inc. (NASDAQ:RIOT), and Coinbase Inc. (NASDAQ:COIN), surged 11.1%, 9.2%, and 4.5%, respectively.

Monday's Performance In Major US Indices, ETFs

According to Benzinga Pro data:

Monday's Stock Movers