US Stocks Surge as Meta Platforms Breaks Through 11% Gain
The US stock market experienced a significant surge on Monday, with all three major indices posting gains. The Dow Jones Industrial Average rose by 366.18 points, or 0.71%, to close at 52,048.82. The S&P 500 climbed 114.20 points, a gain of 1.49%, to reach 7,764.70.
The Nasdaq Composite advanced 599.54 points, up 2.26%, to finish the day at 27,122.09. Meta Platforms (META.US) recorded its largest single-day gain since last April, increasing by 11%. Intel (INTC.US) also saw significant gains, jumping 12%.
Bitcoin's price briefly broke through $87,000, trading at $86,646.3 as of press time. Ethereum rose more than 4.8% to $2,767. The Philadelphia Semiconductor Index surged 4.29%, posting its best single-day performance since August 4.
Federal Reserve Governor Lael Brainard stated that the Fed may need to raise interest rates further to bring down inflation. She noted that persistent demand and recurring supply pressures continue to heighten inflation risks, making it crucial for the Fed to act sooner rather than later.