© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. REUTERS/Brendan McDermid/File Photo
By Sinéad Carew and Amruta Khandekar
(Reuters) -Wall Street’s three major U.S. stock averages closed higher on Monday with Nasdaq leading gains as heavyweight Microsoft (NASDAQ:) rallied after it hired prominent artificial intelligence executives, while lower Treasury yields also provided support.
The information technology sub-index was the top gainer among the S&P 500’s 11 major sectors, getting its biggest boost from Microsoft shares which touched a record high.
Microsoft CEO Satya Nadella said Sam Altman, who headed OpenAI until he was ousted late last week, was set to join Microsoft to lead a new advanced AI research team. Microsoft will also take on Greg Brockman, another OpenAI cofounder, as well as other researchers.
The news set a positive tone for the technology sector, which was also lifted heavyweight stocks including Apple (NASDAQ:) and Nvidia (NASDAQ:).
Investors have been cheering a better-than-expected earnings season and the ongoing trend of falling Treasury yields, said Bruce Zaro,…
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