Microsoft’s stock up 0.5%, on track for a record close

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Nasdaq surges on big-tech strength, but most stocks decline

The Nasdaq Composite surged 0.7% in afternoon trading Monday, and was by far the best performer of the Big 3 stock market indexes, but internal market data would suggest otherwise. The number of declining stocks on the Nasdaq exchange actually outnumbered declines by 1,438 to 1,374, while volume in advancing stocks represented 60.7% of total volume. That suggested the technology friendly Nasdaq index was being driven higher by the more liquid, or larger market capitalization company shares. The Nasdaq 100 index of the 100-largest Nasdaq companies rose 0.8%. The SPDR Technology Select Sector ETF climbed 1.2% and was the biggest gainer of ETFs tracking the S&P 500 11 key sectors. Meanwhile, on the NYSE, the number of advancing stocks led decliners 1,491 to 1,302 and volume of advancing stock represented 56.2% of total volume. The S&P 500 rose 0.3% and the Dow Jones Industrial Average gained 12 points, or less than 0.1%. Among the largest-cap Nasdaq tech stocks, shares of Microsoft Corp. rose 1.1%, Amazon.com Inc. tacked on 0.4% and Apple Inc. rallied 1.8%.

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