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Dow Climbs 410, Nasdaq Advances 107

Stocks moved higher Monday after a dreadful week. Apple jumped 4% and led a rally in technology companies, while industrial companies, banks and consumer-focused companies like retailers also rose.
By
The Associated Press,

NEW YORK (AP) — Stocks powered higher Monday, sending the Dow Jones industrial average up 410 points, as the market clawed back more of its massive losses from the previous two weeks.

Apple jumped 4 percent and led a rally in technology companies, while industrial companies, banks, and consumer-focused companies like retailers also rose.

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Netflix and Amazon surged again as stocks that led the market higher in 2017 recovered more of the ground they lost recently. Energy companies got some relief as oil prices turned higher. All of that helped stocks build on the market’s gains from late Friday.

“The catalyst behind this bull market up until maybe the last year or so has just been the ability of this economy to grow, even if it’s very sluggishly (...) without creating any negative consequences for the financial markets,” he said.

Paulsen said the consumer prices report Wednesday or the February employment report due next month could both have major effects on the market.

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The Standard & Poor’s 500, the benchmark for many index funds, gained 36.45 points, or 1.4 percent, to 2,656. The Dow climbed 410.37 points, or 1.7 percent, to 24,601.27. It had risen as much as 574 earlier, led by big gains for Boeing and Apple.

The Nasdaq composite advanced 107.47 points, or 1.6 percent, to 6,981.96. The Russell 2000 index of smaller-company stocks rose 13.15 points, or 0.9 percent, to 1,490.98.

It took just nine days for stocks to plunge 10 percent from their latest peak, which was reached on January 26. A drop of that size is known on Wall Street as a market “correction.” According to LPL Financial, it was the swiftest move from a record high to a correction in the history of the S&P 500. The index rose 1.5 percent Friday but still wound up with its worst weekly loss in more than two years.

Despite the two-day recovery, the S&P 500 is down 7.5 percent from its record high, and investors expect far more volatility in the stock market than they did two weeks ago.

Other gainers in the technology industry included Cisco Systems, which rose $1.07, or 2.7 percent, to $40.60. Chipmakers Broadcom and Qualcomm each climbed after CNBC reported that the companies will meet this week to discuss Broadcom’s $121 billion offer to buy Qualcomm.

Retailers, apparel makers and other companies that focus on consumers made some of the largest gains, a sign that investors expect shoppers to keep spending and the economy to keep growing.

Benchmark U.S. crude gained 9 cents to $59.29 a barrel in New York. Brent crude, used to price international oils, lost 20 cents to $62.59 a barrel in London.

Oil prices have dropped since reaching long-time highs in late January, when U.S. crude peaked at $66 a barrel. The S&P 500 energy index is down 12.7 percent over the last month.

Defense contractor General Dynamics will spend almost $7 billion to buy internet technology company CSRA. The Trump administration has been pushing defense spending aggressively higher. CSRA climbed $9.57, or 31.1 percent, to $40.39 Monday. General Dynamics lost $2.57, or 1.2 percent, to $209.53.

Twenty-First Century Fox picked up 66 cents, or 1.9 percent, to $36.40 after The Wall Street Journal reported that cable and internet provider Comcast is still interested in buying Fox’s entertainment divisions and could make another offer. Disney agreed to buy Fox’s movie and television studios and some cable and international TV businesses in December for $52.4 billion.

Comcast fell 3 cents to $38.54 while Disney added 30 cents to $103.39.

Bond prices were little changed. The yield on the 10-year Treasury note stayed at 2.86 percent.

In other energy trading, wholesale gasoline fell 2 cents to $1.68 a gallon. Heating oil fell 2 cents to $1.84 a gallon. Natural gas slid 3 cents to $2.55 per 1,000 cubic feet.

The dollar rose to 108.67 yen from 108.53 yen. The euro rose to $1.2284 from $1.2231.

Gold rose $10.70 to $1,326.40 an ounce. Silver jumped 43 cents, or 2.7 percent, to $16.57 an ounce. Copper added 5 cents, or 1.7 percent, to $3.09 a pound.

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Ratings

Overnights, adults 18-49 for May 24, 2018
  • 1.
    0.9/4
  • 2.
    0.7/3
  • 3.
    0.7/3
  • 4.
    0.5/2
  • 5.
    0.4/2
  • 6.
    0.2/1
Source: Nielsen

Reviews

  • Hank Stuever

    In 1977, DC Comics unveiled a superhero named Black Lightning, hoping to fill an obvious void with a token character who, inspired somewhat by the characters in blaxploitation cinema, exhibited a lot of street sense on the blighted side of Metropolis. Black Lightning, a wholehearted and energetic live-action revival of the character on CW. It is a fine example of what television might look like once we move past the more ceremonial aspects of diversity. This is a black show on a network filled with white superheroes, and it displays no insecurity or self-consciousness about that.

  • Alexis Soloski

    In Amazon's Marvelous Mrs. Maisel, the creator of Gilmore Girls introduces another brainy, mouthy heroine, this time in the male-dominated comedy world of the 1950s.

  • Hal Boedeker

    A reassuring example of older means getting better, Will & Grace struts back to NBC bolder, brassier and bawdier. Some like it tart, and this frisky frolic delivers. After eight seasons, the beloved sitcom felt faded at its fade-out in 2006. Eleven years later, the revival packs a joyous kick in the first three episodes. Here is an absolutely fabulous return with four irrepressible stars who are at their very best. Will & Grace is no gay dinosaur.

  • Matt Zoller Seitz

    Wonderstruck, overstuffed, corny and stirring, Star Trek: Discovery stands tall alongside the best-regarded incarnations of the Trek franchise even as it raids elements from all of them (including the recent J.J. Abrams film series, which Paramount says is set in an alternate timeline that has nothing to do with this one). Though handsomely produced, the show’s imagination seems to have been slightly reined in by commercial mandates — namely, reinvigorating Trek as a TV property and serving as a marquee title that would lure customers to CBS All Access, the network’s subscription-only service.

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