2017.11.2021:57:00UTC+00U. S. Stocks Advanced, Buoyed by Chipmakers, Verizon

U.S. equities climbed on Monday, as Verizon lifted the telecoms sector after the stock received an upgrade, while a deal in semiconductors supported high-performing tech shares.

The Dow Jones industrial average advanced 0.31 percent to end at 23,430.33, with IBM and Verizon among the best-performing stocks in the index.

The S&P 500 added 0.1 percent to 2,582.14, with telecommunications as the best-performing sector. Delphi Automotive and General Motors shares were among the best-performing stocks in the index, climbing 3.4 percent and 2.3 percent, respectively.

The Nasdaq composite was up 0.1 percent to 6,790.71, just below its record closing peak.

Trading volumes were thin and expected to get more subdued leading up to the Thanksgiving holiday on Thursday and an early market close on Friday. Overall trading volume was the lightest in a month.

Verizon lifted the telecom services sector of the S&P 500 by climbing 1.7 percent after a Wells Fargo note emphasized the stock's valuation and said it is “an attractive yield play”.

IBM climbed one percent after Barron's said the company can gain more than 30 percent over the next 12 months.

The semiconductor index was up 1.2 percent and notched its highest level since the peaks of the Y2K bubble.

Cavium hit a record peak of $84.41 after rival Marvell announced it would buy the company for almost $6 billion. Shares of Cavium last stood 10.8 percent higher while Marvell climbed 6.4 percent.

Health care stocks were under pressure, as Merck declined 2.0 percent while Bristol-Myers slid 0.8 percent after Roche announced positive trial results for a competing cancer drug.