Market Indexes Close Out June With a Tech-Fueled Tuesday Rally
Yahoo Finance ·
The Nasdaq Composite ( ^IXIC +1.29% ) index rose 1.1% by noon ET Tuesday as semiconductor stocks surged, lifting the broader market on the final trading day of June. The S&P 500 ( ^GSPC +0.68% ) gained 0.6%, while the Dow Jones Industrial Average ( ^DJI +0.32% ) added a modest 0.2%. Chip stocks dominated the session, with the iShares Semiconductor ETF ( SOXX +4.19% ) climbing 3.6%. The Silicon Valley surge was broad rather than concentrated in a single name. Apple ( AAPL +2.35% ) led the S&P 500 and Nasdaq Composite higher, adding $110 billion in market capitalization on a fairly modest 2.6% gain. The Dow's sluggish performance tells a misleading story, though. Honeywell International ( HON 1.47% ) dropped 8.1% after completing its aerospace spinoff on Monday. This mechanical adjustment subtracted 121 points from the index. That's not a vote of no confidence; it's just math reflecting a significant business unit becoming a separate stock.
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