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.