Dow, S&P 500, Nasdaq Close at Record Highs on Signs of Trade-Talk Progress
Here Are 3 Hot Things to Know About Stocks Right Now
- All three major U.S. stock indexes closed at record highs Monday, bolstered by stronger-than-expected U.S. jobs report and signs of progress in U.S.-China trade talks.
- Under Armour (UAA) tumbled after the sportswear company confirmed it is under federal investigation for its accounting practices. Under Armour is Real Money’s Stock of the Day.
- McDonald’s (MCD) fell after the fast food restaurant chain fired CEO Steve Easterbrook after a consensual relationship he had with an employee violated company policy.
Wall Street Overview
Stocks finished higher Monday, with all three major U.S. stock indexes closing at record highs, as investors shifted into buying mode following a stronger-than-expected U.S. jobs report and signs of progress in U.S.-China trade talks.
The Dow Jones Industrial Average, which is up about 19% year-to-date, finished up 114 points, or 0.42%, to 27,462.11, the S&P 500 advanced 0.37% to 3,078.27, and the Nasdaq climbed 0.56% to 8,433.20.
During the session, the Dow hit an intrday high of 27,517.60 while the S&P reached, 3,085.20 and the Nasdaq hit 8,451.37.
Chevron (CVX) was leading the Dow’s advance after agreeing to sell its Central Asia assets to Hungary’s (MOL) for around $1.6 billion. Walgreens Boots Alliance (WBA) and Chevron rival ExxonMobil (XOM) were rising as well.
Energy stocks topped both the Dow and the S&P 500 Monday, while global crude prices extended gains, as investors reacted to improved U.S-China trade signals and plans by Saudi Arabia to list its state-owned oil company in a deal that could be worth more than $1.5 trillion. UA
Stocks had finished higher Friday and the S&P 500 and Nasdaq closed with records following the jobs report, which said the U.S. added 128,000 jobs in October, better than forecasts of 89,500. The data offset a weaker reading on U.S. manufacturing.
China, meanwhile, said that it had reached a consensus with the U.S. on core trade concerns. The White House issued a statement saying the two sides had made progress in several areas and were “in the process of resolving outstanding issues.”
McDonald’s (MCD) , was one of the Dow’s biggest losers, sliding 2.8% to $188.61 after the fast food restaurant chain fired CEO Steve Easterbrook after a consensual relationship he had with an employee violated company policy.
Wright Medical (WMGI) soared 31.9% to $29.04 after the joint implant maker unveiled $5.4 billion a deal to be acquired by medical device industry giant and larger rival Stryker (SYK) .