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US stocks finish higher as tech shares rally

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Leading large tech companies enjoyed a strong session Monday, lifting the Nasdaq ahead of US retail sales data and earnings from large shopping chains later in the week. | AFP

“US stocks are rebounding as some traders decide to buy the two-week dip despite rising fears over China’s property market,” said Oanda’s Edward Moya.

Among individual companies, United States Steel surged 36.8 percent after announcing that it received an unsolicited bid from Cleveland-Cliffs to acquire the company. US Steel has begun “a comprehensive and thorough review of strategic alternatives” after “receiving multiple unsolicited proposals” from prospective buyers of the company or some assets, said chief executive David Burritt.Tesla dropped 1.2 percent following reports the company cut its prices in China again.Subscribe to our daily newsletter

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Market heavyweights dip ahead of Nasdaq 100 rebalanceShares of Apple, Microsoft and other heavyweight companies dipped on Monday after Nasdaq Inc said it would rebalance its Nasdaq 100 index to address the benchmark’s “overconcentration.” | Reuters
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