U.S. stocks close higher on tech rebound

NEW YORK, July 6 (Xinhua) -- U.S. stocks ended higher on Monday, driven by a rebound in technology shares.

The Dow Jones Industrial Average rose 0.29 percent to a record high of 53,055.91. The S&P 500 added 0.72 percent to 7,537.43. The Nasdaq Composite Index increased 1.12 percent to 26,121.16.

Six of the 11 primary S&P 500 sectors closed lower, with health care and utilities leading the laggards at declines of 1.17 percent and 1.06 percent, respectively. Communication services and technology were the top performers, rising 1.64 percent and 1.34 percent, respectively.

Technology stocks rose broadly on Monday. The State Street Technology Select Sector SPDR ETF gained nearly 2 percent, supported by a 7.14 percent surge in Western Digital and a 2.83 percent increase in Teradyne. Marvell Technology rose 1.62 percent, while Oracle advanced 2.49 percent.

Six of the "Magnificent Seven" mega-cap technology stocks closed higher, led by a 6.69 percent gain in Tesla. Microsoft was the outlier, slipping nearly 1 percent on reports of thousands of layoffs in its Xbox division.

"Overall, we continue to view today's rally as a tactical recovery rather than a structural shift in market leadership," said a chief analyst with asset allocation & ESG group of Zheshang Securities Research Institute. "Near-term performance is likely to remain driven by the interplay between macroeconomic data, earnings expectations, rates, positioning and, importantly, the evolution of equity fund flows, which should provide a key signal on the durability of the current risk-on rotation."

Oil prices showed little change after the OPEC+ alliance agreed to increase output targets and maritime flows resumed through the reopened Strait of Hormuz, easing concerns over potential inflationary pressures. Enditem