Stocks rose on Monday, Dec. 11, shrugging off fears from a terrorist attack in New York.
The Dow Jones Industrial Average rose 0.23% to close at 24,386, a new record. The S&P 500 gained 0.32% to finish at 2,659, also a new record. The Nasdaq was higher by 0.51%.
Apple Inc. (AAPL) - Get Report gained nearly 2% after the tech giant confirmed it agreed to acquire music recognition app Shazam Entertainment Ltd. as part of an effort to boost Apple Music, its streaming service that trails behind Spotify Ltd. in number of subscribers.
The New York City Police Department confirmed Monday that an explosion at the Port Authority in New York was a "terror-related incident." The explosion, around 7:20 a.m. ET by 42nd Street and 8th Avenue near Times Square, forced officials to evacuate the A, C and E subway lines. Police said the suspect, who has been named as 27-year-old Akayed Ullah, sustained injuries including burns and wounds on his body related to setting off a bomb. Four others who were nearby at the time of the explosion sustained minor injuries.
SunPower Corp. (SPWR) - Get Report was one of the market's biggest gainers, rising 10% after receiving an upgrade to "outperform" from "neutral" from analysts at Baird. The firm expects sentiment over the company to improve over the next couple of quarters.
Fellow solar company Canadian Solar Inc. (CSIQ) - Get Report was up 3% to $17.79 after it announced the receipt of a preliminary non-binding proposal from its CEO to acquire the company for $18.47 a share. The company has formed a special committee to consider the transaction.
Bluebird bio (BLUE) - Get Report was one of the biggest gainers for the Nasdaq, jumping 18% after several firms raised the price target on the stock after the company was seen as a winner following the American Society of Hematology meeting over the weekend.
The erectile dysfunction pill is one of the most popular drugs on the market, but it doesn't have wide competition due to a patent that does not expire until 2020. However, Teva negotiated a deal to launch its own generic version in 2013.
The dollar fell slightly against the euro and yen while gold remained steady.
Wall Street was looking ahead to this week's policy meeting of the Federal Reserve -- the final gathering of the year -- and bets that Republican lawmakers will be able to deliver a comprehensive tax reform bill for Donald Trump to sign before the end of the year.
Investors also will navigate a busy week of economic data, including producer price figures on Tuesday, Dec. 12, headline inflation Wednesday, Dec. 13, and retail sales and industrial production readings Thursday, Dec. 14. The corporate earnings schedule is relatively light by comparison, but Thursday will see three major quarterly releases from Adobe Systems Inc. (ADBE) - Get Report , Costco Wholesale Corp. (COST) - Get Report and Oracle Corp. (ORCL) - Get Report .
The week's big story, however, is undoubtedly the launch of bitcoin futures, which surged on their first day of trading and extended gains into Monday, taking spot prices for digital currencies higher as exchange regulators halted dealing twice in order to tame market volatility.
Bitcoin was selling for $17,162 as of 3:55 p.m. ET on Monday, according to Coindesk.com.
More of What's Trending on TheStreet:
- Here's What Could Slow Down the Facebook and Google Ad Juggernauts
- Apple's Rumored 2018 iPhones and iPads Should Let It Cash in on 2017's Advances
- 5 Reasons Jim Cramer Loves Microsoft Here
- China Has a Fresh $7.2 Trillion Problem That Could Spook Markets