Stocks exhibited further upward movement on Monday, building on the seven-week winning streak witnessed in the market.
The Dow Jones Industrial Average edged up by 14 points, or 0.04%, while the S&P 500 climbed 0.3% and the Nasdaq Composite advanced 0.2%.
Notably, the energy sector outperformed in the S&P 500, surging by more than 1% due to rising oil prices. Shares of Coterra Energy and Marathon Oil both witnessed gains of around 2%.
U.S. Steel experienced a significant jump of over 26% after Nippon Steel, a Japanese company, announced a $14.9 billion deal to acquire it. Adobe shares also saw a modest increase of approximately 1% following the company’s decision to terminate its $20 billion merger with cloud-based design platform Figma due to regulatory obstacles.
Having delivered its longest series of weekly gains since 2017, the S&P 500 has rallied more than 3% this month. Likewise, the Dow has surged by over 3%, while the Nasdaq has achieved a gain of more than 4%. On Friday, the Dow reached a new intraday record, while the Nasdaq 100 achieved a fresh closing high.
Source (CNBC)
