U.S. Stock Indexes Drifted High Record on Monday Trading

U.S. stock prices jumped higher during midday trading on Monday, presenting by the Dow Jones Industrial and Standard & Poor’s 500 hovering near record highs after the shocked markets affected by military coup in Turkey last trading Friday.

The Standard & Poor’s 500 index was up 5 points, or 0.2 percent, to 2,167 as of 11:23 a.m. Eastern time. The Dow Jones industrial average rose 31 points, or 0.2 percent, to 18,548. The NASDAQ composite climbed 32, or 0.6 percent, to 5,062. Six of the 10 sectors that make up the S&P 500 were up, according to The New York Times. 

Technology stocks increased by 0.8 percent that rose most among stocks in other industries. Japanese tech company SoftBank Group’s $32-billion deal to buy British’s ARM Holdings is the first big acquisition after United Kingdom voted to leave the European Union, which the take over from SoftBank would also lifted European equities to a three-week high.

The growth of financial stocks is just after that of technology stocks. Bank of America, the No.2 U.S. bank by assets, announced on Monday that their second quarter profits is much better than analysts’ expectations, which is also mirroring the results of the few companies, including other big banks.

However, energy stocks dropped 0.6 percent, especially in terms to price of crude oil, which lost 93 cents, or 2 percent, to $45.02 per barrel, following the downtrend of oil from past few weeks. 

In the global currency market, the dollar rose to 105.76 yen from 105.53 yen late Friday. The euro edged up to $1.1067 from $1.1063. The pound rose to $1.3255 from $1.3206.

The 10-year Treasury yield US10YT=RR was down 1 basis point at 1.58 percent, and the 10-year Bund yield DE10YT=RR down 3 basis points at -0.029 percent.

Leave a Comment