US major stock continued their bullish rally on Monday, courtesy to the tech sector, following logging their most lethargic week in two months, as oil futures surged and the dollar gained back some ground versus the yen. On the earnings front Investors were hoping for the launch of first-quarter earnings season, which starts with the earnings from Alcoa Inc. following the market end. The S&P 500 (SPX) surged 12 points, or 0.6%, to 2,059, courtesy to a hike of 1% in technology stocks and a 0.9% surge in materials.
The Dow Jones Industrial Average (DJIA) moved higher 121 points, or 0.7%, to 17,698, thanks to strong rally in Semiconductor giant Intel Corp. (INTC) and heavy machinery operator Caterpillar Inc. (CAT). In the meantime, the tech-weighted Nasdaq Composite (COMP) moved up 40 points, or 0.8%, to 4,891.
Shares of Caterpillar Inc. (NYSE: CAT) were on the rise with 1.43% after Doug Oberhelman, Chairman and CEO of Caterpillar Inc. (NYSE: CAT), unleashed “The Age of Smart Iron” on Monday at bauma 2016 – the world’s biggest construction industry trade show.
“The Age of Smart Iron” shows Caterpillar’s policy to be the industry leader carrying digital solutions designed to enhanced productivity, competence, security and success for customers. “Caterpillar is the world’s major innovator around iron. We’re going to carry innovation in smart iron, too,” Oberhelman mentioned at a news conference.
Shares of Intel Corp. (NASDAQ:INTC) were surging 1.5% after Chief Executive Officer Brian Krzanich ended with decades of firm history past year by making a foreigner, Murthy Renduchintala of opponent Qualcomm Inc., his No. 2.
Renduchintala carried a history of accomplishment in mobile-phone chips, a market Intel has not landed its feet. The nomination also drove a departure of few of the veterans that aided in making Intel the desire of the $300 billion chipmaking segment, and it left experts agonizing that more turmoil is on the way. The two latest exits arrived in the start of this month, when Kirk Skaugen, the PC and mobile unit head known for an ultimate candidate for the CEO job, split for his “next career opportunity.”