Tech Surge Propels U.S. Markets Amid China Concerns

U.S. tech stocks drove market gains despite China's economic slowdown and falling oil prices. Major indexes reached record highs as investors awaited key corporate earnings. China's pledges for debt increases lacked details, raising concerns about demand. The dollar strengthened, while crude and gold prices declined.

Technology stocks bolstered U.S. markets on Monday, offsetting concerns about China's economic struggles and declining crude prices. Major indexes, including the Nasdaq, S&P 500, and Dow Jones, reached new highs during a quiet Columbus Day trading session.

Investors largely ignored China's vague debt increase commitment, instead focusing on upcoming corporate earnings reports from major banks and tech firms. Market momentum continued despite the bond market closure and absence of economic data.

Global markets saw mixed results, with European shares climbing and the dollar rising against major currencies. Crude prices fell amid OPEC's reduced demand outlook, while gold prices dipped in response to a stronger dollar.

(With inputs from agencies.)