WASHINGTON (dpa-AFX) - U.S. stocks are broadly higher on Monday, although the technology sector is seeing some weakness due to profit taking. The Dow and the S&P 500 climb to new record highs this morning, and remain fairly well placed in positive territory.
Investors continue to cheer Donald Trump's win in the presidential election, and remain optimistic that his policies, such as tax reductions and deregulation, will help boost corporate earnings.
Due to a lack of economic data, the volume of business is somewhat thin. Reports on consumer and producer price inflation are likely to attract attention along with reports on retail sales and industrial production this week.
The Dow, which climbed to 44,486.70, was up 352.03 points or 0.8 percent at 44,341.02 a little while ago. The S&P 500 was up 13.20 points or 0.23% at 6,008.74, after having advanced to 6,017.31 earlier in the session. The Nasdaq, which moved up to 19,366.07 at the start, was down 7.10 points or 0.05 percent at 19,279.68.
Tesla, Inc. shares are rising more than 8 percent. Salesforce. Inc, shares are gaining more than 5 percent. Wells Fargo is up 4.3 percent, and Blackstone is gaining 3.3 percent. Starbucks is advancing 3.2 percent.
Berkshire Hathaway, JP Morgan Chase, Visa Inc., Mastercard, Bank of America, T-Mobile, Accenture, Adobe Inc., American Express, Morgan Stanley, Caterpillar, Goldman Sachs, Walt Disney, Honeywell International and Nike are gaining 1 to 3 percent.
Intel Corp., Boeing, Micron Technology, Texas Instruments, Advanced Micro Devices, Merck, Meta Platforms, Apple Inc., Microsoft and Nvidia Corporation are down 1 to 4 percent.
In overseas trading, Asian stocks retreated on Monday as Beijing's latest stimulus fell short of investor expectations and weak inflation data dampened hopes for a significant recovery in the world's second largest economy.
The major European markets closed higher today with investors continuing to assess what could be in store for global markets during Trump's second term.
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