Technology companies and banks helped power stocks on Wall Street broadly higher Monday, extending the market’s gains of the last two weeks.
The latest gains nudged the S&P 500 above 3,000 points for the first time in a month. The benchmark index is now within 0.7% of its all-time high set on July 26.The S&P 500 index rose 20.52 points, or 0.7%, to 3,006.72. The Dow Jones Industrial Average gained 57.44 points, or 0.2%, to 26,827.64. The index was weighed down by a sharp drop in Boeing shares. The Nasdaq climbed 73.44 points, or 0.9%, to 8,162.99.
As they wait for trade talk developments, investors have been shifting their focus to corporate earnings reports. Monday was a relatively quiet start to a week full of results from major companies. Chipmakers, many of which are highly reliant on China for business, made some of the strongest gains Monday. Nvidia rose 2.9% and Micron Technology added 4%. Apple rose 1.7%The yield on the 10-year Treasury rose to 1.80% from 1.75% late Friday. Higher yields allow banks to charge more lucrative interest on mortgages and other loans.
America, see how cutting corners can kill your reputation, and hurt your stock price. Boeing would have done better fixing problems with the 737MAX before production, than trying to shortcut the system killing over 300 souls.
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