Investing.com -- Stocks on the U.S. equities markets moved broadly higher on Monday, building on gains from late last week as the S&P 500 neared an all-time record closing high.
Led by gains in the health care and financial sectors, the S&P 500 Composite index moved above its record closing high of 2,117.69 in intra-day trading before falling back slightly to 2,114.49 (up 6.20 or 0.29%) at the close. Only two sectors, Basic Materials and Energy, closed in the red, as seven of 10 industries closed higher on the session. Stocks in the technology sector closed flat. Stocks on the Dow Jones Industrial Average and the NASDAQ Composite index also gained more than 0.2% on a bullish day of trading.
The Dow gained 46.34 or 0.26% to 18,070.40 in spite of losses from McDonald`s Corporation (NYSE:MCD), while the NASDAQ rose 11.54 or 0.23% to 5,016.93. McDonald's finished the session as the worst performer on the Dow, after losing 1.61 or 1.65% to 96.19. Earlier on Monday, the company announced the initial steps of a comprehensive turnaround plan, including a refranchising initiative, a host of cost-cutting measures and plans for a healthier menu.
McDonald's sales had been floundering over the last several years, leading to the retirement of former CEO Don Thompson in January. The company's stock, however, has been up roughly 6% since Steve Easterbook took over as interim CEO later that month. Easterbook was named permanent CEO in March.
"Today we are announcing the initial steps to reset and turn around our business," Easterbrook said in a statement. "As we look to shape McDonald's future as a modern, progressive burger company, our priorities are threefold - driving operational growth, returning excitement to our brand and unlocking financial value."
Under the new plan, McDonald's will operate under a new organizational structure starting in July, by revising its U.S. markets, international lead markets (including Australia, Canada, France, Germany and the U.K.), high-growth markets with relatively higher restaurant expansion and franchising potential (Italy, Poland, Russia and several others) and remaining foundational markets. On Monday, McDonald's stock tumbled, after a downgrade by S&P to an A-minus. The top performer on the Dow was JPM, which gained 1.08 or 1.70% to 64.69, as financial stocks moved broadly higher.
The biggest gainer on the NASDAQ was Cognizant Technology Solutions (NASDAQ:CTSH), which gained 3.92 or 6.63% to 63.06. The worst performer on the NASDAQ was Keurig Green Mountain Inc (NASDAQ:GMCR), which plunged 4.68 or 4.03% to 111.55, amid speculation that one of the world's largest coffee companies could shakeup its R&D and engineering teams. Keurig officials denied the report on Monday afternoon. Earlier this spring, Keurig inventor John Sylvan expressed concerns with his K-cup invention, calling them too expensive, addictive and wasteful.
Cognizant Technology was also the top performer on the S&P 500, ahead of Wynn Resorts Limited (NASDAQ:WYNN), which gained 4.47 or 3.97% to 117.18. Keurig ended the session as the S&P's worst performer, just below Salesforce.com Inc (NYSE:CRM) -- which fell 1.76 or 2.40% to 71.60.
Cisco Systems (NASDAQ:CSCO), Inc. gained 0.08 or 0.26% to 29.20, after the San Jose-based networking equipment manufacturer named Chuck Robbins as its new CEO.