U.S. Stocks Gain to Start Week
Stocks opened higher on Monday, resuming the rally that started last week as geopolitical tensions dissipated while investors felt optimistic about U.S.-China trade relations.
The Dow Jones Industrials picked up 41.38 points to 28,865.15. The S&P 500 increased 7.28 points to 3,272.63. The NASDAQ recovered 34.19 points to 9,213.05
Goldman Sachs gained 1.2%, and Cisco Systems rose 0.7%, , to lead the Dow higher. The S&P 500 was lifted by the tech and communication services sectors, which advanced at least 0.4% each.
Tesla shares rose 4.7% after an analyst at Oppenheimer hiked his price target on the stock to $612 per share from $385 per share.
The analyst said Tesla’s "risk tolerance ... and larger ambition than peers are beginning to pose an existential threat to transportation companies that are unable or unwilling to innovate at a faster pace." The stock broke above $500 for the first time ever in early trading.
Prices for the 10-Year U.S. Treasury slouched, raising yields to 1.86% from Friday’s 1.82%. Treasury prices and yields move in opposite directions.
Oil prices rocketed 73 cents to $58.31 U.S. a barrel. Gold prices fell off $9.80 to $1,550.30 U.S. an ounce.