Tech Drives Nasdaq to New Highs

An article on CNBC

The S&P 500 and Nasdaq Composite rose to fresh intraday all-time highs on Tuesday, led by technology, as traders weighed the prospects of a potential U.S.-Iran deal being reached to end the war.

The broad market index gained 0.61% and ended at 7,519.12, while the tech-heavy Nasdaq gained 1.19% to 26,656.18. Both indexes also closed at records. The Dow Jones Industrial Average lost 118.02 points, or 0.23%, ending at 50,461.68. U.S. stock markets were closed Monday due to the Memorial Day holiday.

Shares of Micron Technology jumped 19% and topped $1 trillion in market capitalization amid bullishness among analysts on the Street. UBS in particular sees more than 100% upside ahead for the stock, citing benefits from its long-term agreements. The name finished last week with a sizable gain, though it started off the period with losses amid a broader sell-off in memory chip names.

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