Dow Adds, NASDAQ Climbs to New High



Stocks rose on Monday, building on solid gains from last week, as shares of major tech companies led the way higher on Wall Street.

The Dow Jones Industrials grabbed 153.5 points to break for lunch Monday at 26,024.96

The S&P 500 gained 20.12 points to 3,117.86.

The NASDAQ took on 110.35 points, or 1.1%, to 10,056.47, for its seventh consecutive gain, and yet another record high.

Apple shares jumped more than 2% and hit a record high after the company made a slew of announcement at its annual WorldWide Developers Conference. The tech giant unveiled the latest version of iOS, its mobile operating system. Apple also said its new Mac computers will no longer use Intel chips.

Microsoft climbed more than 2% to lead the Dow higher. Amazon advanced 1.5%. Netflix gained 2.6%. Facebook eked out a small gain.

Retail names, which are directly linked to the economic reopening, were also among the biggest gainers. Shares of Gap were higher by 8.3%, boosted by an upgrade at Wells Fargo, citing the retailer’s “under-appreciated value and optionality.” Walmart gained more than 1% after an upgrade by UBS.

Shares of American Airlines — which are also linked to the recovery — were lower by 6.8% after the company said it was seeking new financing. United fell 0.8%. Reopening trades such as Casino and hotel stocks were also under pressure with Wynn Resorts collapsed 4%, and MGM Resorts was down 2.4%.

The U.S. reported more than 30,000 additional coronavirus cases on Friday, the highest number of confirmed one-day infections since May 1, data compiled by Johns Hopkins University showed. Nevada, Florida, California and Arizona have also reported record-high single-day infections.

The recent coronavirus uptick in some states led Apple to reclose some of its stores. Meanwhile, a trade group said cruise lines voluntarily suspended all trips until Sept. 15.

Prices for the 10-Year Treasury lost ground, boosting yields to 0.70% from Friday’s 0.69%. Treasury prices and yields move in opposite directions.

Oil prices acquired 85 cents to $40.60 U.S. a barrel.

Gold prices improved $12.90 to $1,765.90 U.S. an ounce.