Dow and S&P 500 Close at All-Time Highs as Tech Shares Rebound
Written by: Jane Searle
Tickers in this article: AZN FB HSH NFLX PF PFE TWTR ^DJI ^GSPC ^IXIC
NEW YORK (TheStreet) -- Stocks rose Monday, with the S&P 500 and Dow Jones Industrial Average closing at all-time highs as technology shares rebounded.
- The Dow added 0.68% to 16,695.47, while the S&P 500 jumped 0.97% to 1,896.65. The Nasdaq surged 1.77% to 4,143.86. Small caps as measured by the Russell 2000 were up more than 2% for their biggest one-day gain in more than a month.
- International stocks were broadly higher. The FTSE 100 finished up 0.55% while the DAX in Germany gained 1.26%. The Nikkei 225 fell 0.35% while the Hong Kong Hang Seng gained 1.82% and the Shanghai Composite jumped 2.08%.
- Chinese shares gained on Monday after the State Council unveiled a new capital-markets reform plan. The nation will relax foreign-investment limits in listed companies, develop commodities trading tools and lift quotas for capital flow. European traders were shrugging off news that pro-Russian separatists in eastern Ukraine claimed victory in a secession referendum over the weekend. Russia said it respects the vote.
- June crude oil futures were spiking on expectations that Russia could face harsher sanctions as EU foreign ministers met in Brussels to discuss the possibility.
In corporate headlines, 21st Century Fox
gained 3.1% after reports British Sky Broadcasting Group is in talks to buy European pay TV assets from Fox.
edged higher by 0.34% and AstraZeneca advanced 0.82% as Pfizer posted videos online this weekend in its latest effort to win over critics of its proposed purchase of AstraZeneca.
soared 13.2% after agreeing to sell itself to Hillshire Brands for about $4.3 billion in cash and stock. Hillshire Brands was 3.2% lower.
- Technology shares were higher after broad falls last week. Both Twitter
and Neflix were more than 5% higher, while Facebook FB was gaining more than 4.5%. More traditional tech stocks such as Cisco and IBM were gaining 0.74% and 1.3%, respectively.
has hired Adena Friedman as co-president, a move seen as positioning her as the most likely to succeed Robert Greifeld in the top job.
- In other news, the Treasury Department reported a budget surplus of $106.9 billion for April, down from a surplus of $112.9 billion in April 2013.
- Stocks rallied in the final hour of trading on Friday, boosting the Dow to an all-time closing high. For much of Friday, stocks had been trading sideways as small caps approached correction territory. Several strategists caution over high valuations and prefer offshore to U.S. markets.
-- By Jane Searle, Andrea Tse and Joe Deaux in New York