Stocks ended higher Monday as economic-stimulus talks resumed and tech stocks continue to advance.
The Dow Jones Industrial Average finished up 236 points, or 0.89%, to 26,664 and the S&P 500 climbed 0.72% to 3,294.
The Nasdaq Composite finished up 1.47% to close at a record 10,902.
Apple (AAPL) - Get Apple Inc. (AAPL) Report ended higher following reports that the Cupertino, Calif., tech giant had bought Mobeewave, a Montreal startup with technology that could transform iPhones into mobile-payment terminals, for about $100 million.
Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report also advanced after the Redmond, Wash., software behemoth confirmed that it would continue to negotiate with ByteDance to explore a purchase of its popular social-media platform TikTok in the U.S.
President Donald Trump said Monday that TikTok would shut down on Sept. 15 unless Microsoft or another company purchased it. And he said the U.S. should get a cut of any sale proceeds.
ADT (ADT) - Get ADT, Inc. Report shares soared after the Boca Raton, Fla., provider of security solutions said that it and Alphabet's (GOOGL) - Get Alphabet Inc. Class A Report Google partnered on a new line of smart-home-security devices, software and services.
As part of the deal, the Mountain View, Calif., internet-search, advertising and tech giant will invest $450 million for a 6.6% stake in ADT.
Eli Lilly (LLY) - Get Eli Lilly and Company (LLY) Report began a Phase III trial, within nursing homes and assisted-living facilities, of a neutralizing antibody to prevent the virus that causes Covid 19.
The Indianapolis health-care giant said it was partnering with the National Institute of Allergy and Infectious Diseases, a division of the U.S. National Institutes of Health, on the program. Immunologist Anthony Fauci directs the Niaid.
The Institute for Supply Management's purchasing managers' index improved to 54.2 from 52.6, reaching its highest level of expansion since March 2019. The ISM's gauge of new orders improved 5.1 points to 61.5, and its Production Index reached 62.1 from 57.3.
Meanwhile, the expiration of emergency unemployment benefits, valued at around $18 billion, has markets looking to Congress for a follow-up stimulus package, but weekend talks passed without a deal.
House Speaker Nancy Pelosi, Senate Minority Leader Chuck Schumer, Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows met for more than two hours Monday, according to CNBC,
Pelosi said discussions were “productive.” She said “we are moving down the track” but “still have our differences.”
Lawmakers on Capitol Hill carried talks on a new stimulus package into the weekend Saturday, and while both sides hailed "good progress' from the meetings, Republicans and Democrats remain at least $1 trillion apart on their proposed bills.
Unemployment assistance, which was set at $600 per week in March, recently ended and the White House is looking to reduce the figure to $200 a week. Democrats want to keep the amount at $600.
On Monday, Pelosi said she wanted to keep the additional insurance at $600 per week, at least until state unemployment rates start to fall.
Investors are concerned that any prolonged impasse in Washington could further erode consumer confidence and stifle job creation.
New coronavirus infection rates continue to trend at around 60,000 per day, taking the U.S. total to around 4.7 million, with about 156,000 deaths since its outbreak earlier this year.
Around the world, infections have risen past 18.1 million, with at least one million added to the total every four days now that outbreaks are being recorded in Britain, Australia, Japan and many other nations around the Asia region.
About 132 S&P 500 companies are expected to report this week, including Walt Disney (DIS) - Get Walt Disney Company Report, CVS Health (CVS) - Get CVS Health Corporation Report, Bristol-Myers (BMY) - Get Bristol-Myers Squibb Company Report and Lowe's (LOW) - Get Lowe's Companies, Inc. (LOW) Report.