This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dow and S&P 500 Close at All-Time Highs as Tech Shares Rebound

NEW YORK (TheStreet) -- Stocks rose Monday, with the S&P 500 and Dow Jones Industrial Average closing at all-time highs as technology shares rebounded.

WATCH: More market update videos on TheStreet TV | More videos from Jane Searle

  • The Dow added 0.68% to 16,695.47, while the S&P 500 jumped 0.97% to 1,896.65. The Nasdaq surged 1.77% to 4,143.86. Small caps as measured by the Russell 2000 were up more than 2% for their biggest one-day gain in more than a month.
  • International stocks were broadly higher. The FTSE 100 finished up 0.55% while the DAX in Germany gained 1.26%. The Nikkei 225 fell 0.35% while the Hong Kong Hang Seng gained 1.82% and the Shanghai Composite jumped 2.08%.
  • Chinese shares gained on Monday after the State Council unveiled a new capital-markets reform plan. The nation will relax foreign-investment limits in listed companies, develop commodities trading tools and lift quotas for capital flow. European traders were shrugging off news that pro-Russian separatists in eastern Ukraine claimed victory in a secession referendum over the weekend. Russia said it respects the vote.
  • June crude oil futures were spiking on expectations that Russia could face harsher sanctions as EU foreign ministers met in Brussels to discuss the possibility.
  • In corporate headlines, 21st Century Fox (FOX) gained 3.1% after reports British Sky Broadcasting Group is in talks to buy European pay TV assets from Fox.
  • Pfizer (PFE) edged higher by 0.34% and AstraZeneca (AZN - Get Report) advanced 0.82% as Pfizer posted videos online this weekend in its latest effort to win over critics of its proposed purchase of AstraZeneca.
  • Pinnacle Foods (PF - Get Report) soared 13.2% after agreeing to sell itself to Hillshire Brands (HSH) for about $4.3 billion in cash and stock. Hillshire Brands was 3.2% lower.
  • Technology shares were higher after broad falls last week. Both Twitter (TWTR) and Neflix (NFLX) were more than 5% higher, while Facebook FB was gaining more than 4.5%. More traditional tech stocks such as Cisco (CSCO) and IBM (IBM) were gaining 0.74% and 1.3%, respectively.
  • Nasdaq (NDAQ) has hired Adena Friedman as co-president, a move seen as positioning her as the most likely to succeed Robert Greifeld in the top job.
  • In other news, the Treasury Department reported a budget surplus of $106.9 billion for April, down from a surplus of $112.9 billion in April 2013.
  • Stocks rallied in the final hour of trading on Friday, boosting the Dow to an all-time closing high. For much of Friday, stocks had been trading sideways as small caps approached correction territory. Several strategists caution over high valuations and prefer offshore to U.S. markets.

-- By Jane Searle, Andrea Tse and Joe Deaux in New York

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AZN $34.05 0.00%
PF $44.75 0.00%
AAPL $117.81 0.00%
FB $105.45 0.00%
GOOG $750.26 0.00%


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs