Markets Right Now: More records for stocks, led by tech
NEW YORK (AP) — The latest on developments in financial markets (All times local):
Stocks are closing higher on Wall Street, setting more all-time highs for major U.S. indexes.
Technology, energy and consumer-focused companies contributed most to the gains on Monday. Microsoft rose 1.8 percent, Schlumberger jumped 4.4 percent and Amazon rose 2.5 percent.
The market got off to a weak start but turned higher at noon after Congress moved closer to ending a government shutdown.
The Standard & Poor’s 500 index rose 22 points, or 0.8 percent, to 2,832.
The Dow Jones industrial average rose 142 points, or 0.5 percent, to 26,214. The Nasdaq composite rose 71 points, or 1 percent, to 7,408.
Bond prices didn’t move much. The yield on the 10-year Treasury note held steady at 2.66 percent, its highest level in about three years.
Energy and technology companies are leading stocks modestly higher in midday trading.
High-dividend stocks are also higher Monday as bond yields decline, but industrial companies are falling. Yields had climbed to their highest level in more than three years last week.
French pharmaceutical company Sanofi and biotech drugmaker Celgene both announced large acquisitions.
Investors don’t seem to be fazed by the federal government shutdown as it entered its third day.
The Standard & Poor’s 500 index rose 8 points, or 0.3 percent, to 2,818.
The Dow Jones industrial average edged up 10 points to 26,082. The Nasdaq composite rose 36 points, or 0.5 percent, to 7,373.
Small-company stocks were broadly lower.
Losses for industrial companies are pulling U.S. stocks lower at the start of trading, but high-yield stocks are making small gains.
Boeing slid 0.7 percent and General Electric lost 0.9 percent Monday morning. Investors didn’t appear troubled by the federal government shutdown.
Corporations announced a series of deals to start the weak. French drugmaker Sanofi said it will buy hemophilia treatment companies Bioverativ for $11.6 billion. Bioverativ climbed 62.5 percent.
Biotech drugmaker Celgene said it will pay $9 billion for cancer therapy maker Juno Therapeutics, and Juno jumped 26.9 percent.
The Standard & Poor’s 500 index was unchanged at 2,809 after it finished at a record high Friday.
The Dow Jones industrial average fell 54 points, or 0.2 percent, to 26,016. The Nasdaq composite rose 2 points to 7,339.