NEW YORK (AP) — Technology stocks pulled Wall Street to another record amid a mixed Monday of trading.
The S&P 500 rose 0.2% from its all-time high set on Friday to post a record for the 54th time this year. The Dow Jones Industrial Average fell 128 points, or 0.3%, while the Nasdaq composite gained 1%.
Super Micro Computer, a stock that’s been on an AI-driven roller coaster, soared 28.7% to lead the market.
Following allegations of misconduct and the resignation of its public auditor, the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board. It also said that it doesn’t expect to restate its past financials and that it will find a new chief financial officer, appoint a general counsel and make other moves to strengthen its governance.
Big Tech stocks also helped prop up the market. Gains of 1.8% for Microsoft and 3.2% for Meta Platforms were the two strongest forces pushing upward on the S&P 500.
Intel was another propellant during the morning, but it lost an early gain to fall 0.5% after the chip company said CEO Pat Gelsinger has retired and stepped down from the board. Intel is looking for Gelsinger’s replacement, and its chair said it’s “committed to restoring investor confidence.” Intel recently lost its spot in the Dow Jones Industrial Average to Nvidia, which has skyrocketed in Wall Street’s frenzy around AI.
Stellantis, meanwhile,…
