S&P 500, Nasdaq rise to record highs to start the week led by Facebook; Europe markets close lower as Covid cases batter travel stocks
The U.S. stock market set more record highs on Monday, boosted by a court win for Facebook and broad strength in tech stocks.
The S&P 500 ticked up 0.2% for its third-straight record close, while the Nasdaq rose 0.9% to an all-time high. The Dow Jones Industrial Average, however, slid about 150 points as energy and transport stocks came under pressure.
Tech stocks were in the driver’s seat on Monday, with shares of Apple and Salesforce adding more than 1%. Facebook jumped more than 4% after a U.S. federal court dismissed an antitrust case against the company from the Federal Trade Commission and closed with a market cap above $1 trillion. Semiconductor stocks were a bright spot on Monday, with Nvidia 5% and Broadcom climbing more than 2%.
Aerospace giant Boeing weighed on the Dow, with shares falling more than 3% after regulators told the company it is not likely to receive certification for its long-range aircraft until mid-to-late 2023. CEO Dave Calhoun earlier this month said it expected certification in the fourth-quarter of 2023.
European stocks fell on Monday as investors monitored rising Covid-19 cases around the globe.
The pan-European Stoxx 600 closed down by 0.6% provisionally, with travel and leisure stocks tanking 4.3% to lead the losses on news that Portugal has imposed a quarantine on unvaccinated arrivals from the U.K.
In terms of individual share price movement, Finnish telecoms giant Nokia climbed 5.8% to lead the Stoxx 600 after Goldman Sachs upgraded the stock.
Source: CNBC, Investing.com