As traders await potential Federal Reserve rate cuts, the Dow Jones Industrial Average reached a record high on Monday, offsetting an early August sell-off.
The 30-stock index increased by 153 points, or 0.4%, following an earlier increase of over 200 points, or 0.6%. The Nasdaq Composite fell 1.1%, while the S&P 500 fell by 0.2.
Monday saw gains in the Dow thanks to shares of Caterpillar, American Express, Chevron, 3M, and Travellers. In early trade, every stock had a gain of more than 1%.
It seemed that traders were shifting their focus from technology to other segments of the market. Tech sank 1.5 percent, while the S&P 500 energy sector had an increase of over 1%.
Source (CNBC)
