Some of the leading stock indexes set new records and the broader market held onto strong gains Monday. Investors poured back into equities on the combination of bargain-hunting, upbeat corporate earnings and a multi-billion dollar merger in the food industry. The S&P 500 closed at its all-time high of 1,896.65, while the tech-heavy NASDAQ Composite rallied nearly 2% as advances in biotechs, Twitter (NYSE:TWTR), and Gogo (NASDAQ:GOGO) helped drive the index, which has been lagging its index counterparts, to a near two-week high.
In economic news, the Treasury reported a $106.9 billion budget surplus in April, reversing a deficit of $36.9 billion the month prior, but falling short of estimates for a $114 billion surplus.
Tuesday's calendar gives Wall Street more to sink its teeth in to, with retail sales forecast to increase 0.4% in April, while sales excluding autos should improve 0.6%.
Import and export prices should rise 0.2% and 0.4%, respectively. Finally, business will likely report a 0.5% build-up in inventories in March, continuing the trend from the month prior.
Here's Where The Markets Stood At The Close
US MARKETS
- Dow Jones Industrial Index was up 112 points (+0.7%) at 16,695
- S&P 500 was up 18 points (+1%) at 1,896
- Nasdaq Composite Index was up 71 points (+1.8%) at 4,143
GLOBAL SENTIMENT
- FTSE 100 was up 0.55%
- Nikkei 225 was down 0.35%
- Hang Seng Index was up 1.82%
- Shanghai China Composite Index was up 2.08%
UPSIDE MOVERS
- (+) ARTX Upgraded to Buy from Neutral at B. Riley
- (+) DRL Asked the Commonwealth of Puerto Rico to repay $230 mln in tax receivables owed to the bank
- (+) KIN Advances ahead of Q1 earnings
- (+) WAVX WidePoint (WYY) will use WAVX's EMBASSY Security Center and Cryptographic Service Provider on customer devices
- (+) GURE Earnings more than double from same quarter last year
DOWNSIDE MOVERS
- (-) HPJ Reported a wider Q1 loss of $0.07 per share
- (-) INSY Short-seller Bronte Capital issued a negative blog
- (-) DXYN Announced 2.50 million public offering of common shares
After Hours Stock News From Midnight Trader.
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