Dow jumps 350 points to start week, S&P 500 inches closer to all-time high
The Dow Jones Industrial Average rallied on Monday as gains in economically sensitive stocks offset losses from mega-cap tech stocks like Microsoft.
The 30-stock Dow advanced 357.96 points to 27,791.44, a gain of 1.3%. Boeing and Dow Inc. were among the best-performing stocks in the blue-chip index, rising more than 5% each. Caterpillar, considered to be a bellwether for the global economy, also climbed more than 5%. JPMorgan Chase added 1.2%.
Meanwhile, the S&P 500 climbed 0.27% to finish at 3,360.47 as both the energy and industrials sectors rose more than 2.4% as cyclical stocks led the major indexes higher on the week’s first day of trading.
Monday’s session was the S&P 500′s seventh straight day of gains. The advance left the S&P 500 less than 1% away from a record high.
The Nasdaq Composite struggled, however, and dropped nearly 0.4% to 10,968.36 as traders trimmed positions in Big Tech stocks. Facebook and Netflix shares slid at least 2% each along while Microsoft lost 1.99%. Amazon dipped 0.6% and Alphabet fell 0.1%.
Reference: CNBC
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