(Image by Blomst from Pixabay)

(CNBC) — Stocks rose led by technology on Monday as traders added to bets that inflation may be easing.

The Nasdaq Composite posted the biggest advance of 0.6%, pushed up by a nearly 6% rally in Tesla stock. The S&P 500 lost 0.1%. The Dow Jones Industrial Average dropped 112 points, or 0.3%, as defensive drug stocks like Merck and Johnson & Johnson weighed on the index.

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“The market, at least for 2023, seems a lot more optimistic than how we ended in 2022,” said Chris Zaccarelli, chief investing officer at the Independent Advisor Alliance. “Today is another one of those days where you’re really seeing growth outperform value, and you’re seeing a return to optimism in terms of what might happen for the stock market this year.”

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