Stocks rose Monday as investors built on the previous session’s historic move to record highs.
The Dow Jones Industrial Average climbed 150 points, or 0.5%, to a new record level. The S&P 500 added 0.2%, also reaching a fresh all-time high. The Nasdaq Composite advanced 0.3%.
Macy’s rose more than 1% after rejecting a $5.8 billion proposal to take the retailer private. SolarEdge jumped more than 2% on the back of the company announcing it would lay off 16% of its workforce.
Archer-Daniels-Midland dropped more than 22% after issuing weak earnings guidance and placing CFO Vikram Luthar on leave amid an investigation tied to accounting practices. B Riley Financial slipped nearly 6% after Bloomberg reported that regulators are investigating deals with a client connected to securities fraud.
Monday’s gains come after the broad S&P 500 on Friday broke above its intraday and closing record highs set in January 2022. The move signaled that Wall Street is indeed in a bull run that began in October 2022 after stocks plunged earlier that year.
“It’s almost like a fear of missing out,” said Brian Price, head of investment management at Commonwealth Financial. “We had a little bit of volatility to start the year as investors maybe rebalance portfolios and look to realize some gains. But now, it just seems like we’re resuming the trend that was clearly in place” in the fourth quarter.
https://www.cnbc.com/2024/01/21/stock-market-today-live-updates.html
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