The Roundhill Magnificent Seven ETF, which holds Nvidia, Apple Inc., Microsoft Corp, Google parent Alphabet Inc., Amazon.com Inc., Tesla Inc. and Facebook parent Meta Platforms Inc, was up 2.3%, according to FactSet data, at last check. That exceeded the S&P 500’s 1.3% rise.

STORY: U.S. stocks closed mostly higher on Monday, thanks to a rally in chip stocks. But the Dow ended marginally lower. The S&P 500 gained more than half a percent and the Nasdaq rose about one-and-a-quarter percent.

Every year, investors look forward to the “Santa Claus rally,” a period that encompasses the final five trading days of December and the first two trading days of the new year. Since 1950, the S&P 500 has gained, on average, 1.3% during this stretch, while finishing higher nearly 80% of the time, according to Dow Jones Market Data.

The S&P 500 climbed alongside the Nasdaq Composite on Monday for back-to-back wins, as Wall Street rebounded from a losing week and chipmakers surged. The broad market index advanced 0.55% to end at 5,

Wall Street has moved higher on Monday morning with the Nasdaq leading the pack, as investors looks to continue shrugging off the recent weakness.  The S&P 500 (SP500) was +1.1%, the Nasdaq Composite (COMP:IND) was +1.