Dow climbs 180 points, Big Tech and reopening stocks lead gains; European stocks close higher
U.S. stocks climbed on Monday as the technology sector and shares benefiting the most from the economic reopening led the advance. The Dow Jones Industrial Average rose 186.14 points, or 0.6%, to 34,393.98. The S&P 500 gained 1% to 4,197.05, boosted by the tech and communication services sectors. The Nasdaq Composite popped 1.4% to 13,661.17 as Alphabet, Facebook and Microsoft all jumped more than 2%.
Tech stocks gained to shake off another rough period for bitcoin over the weekend as the cryptocurrency bounced Monday. The cryptocurrency dropped under $32,000 on Sunday, only to rebound 20% to above $39,000 on Monday. Last Wednesday, bitcoin prices tumbled to just above $30,000, dropping to the lowest level since late January.
Coinbase added 0.4% as bitcoin roared back on Monday and as Goldman started coverage of the crypto-exchange with a buy rating. Shares of Tesla, a big holder of the crypto, rose 4.4% despite bitcoin’s volatility.
European stocks closed higher Monday, at the start of the trading week, as investors continued to focus on inflation concerns and geopolitics.
It was quieter trading day in Europe with markets closed in Germany, Switzerland, Denmark, Norway, Belgium and Austria for the Whit Monday public holiday. Britain’s FTSE 100 and France’s CAC 40 both finished up by around 0.5%.
Britain’s Royal Mail climbed 4.5% to lead gains among shares trading on Monday. While Trainline continued to decline after its plunge last week, falling 5.5%.
Source: CNBC