Here Are 3 Hot Things to Know About Stocks Right Now
- Oil prices in the U.S. rose 1.5% on Monday, settling at $70.73. That was the first time crude oil has settled above $70 since 2014.
- The Dow Jones Industrial Average I:DJI traded up more than 170 points at one point during Monday's session. The Dow closed up 94 points.
- Apple Inc. (AAPL) - Get Report rose 0.72% to $185.16 on Monday; the stock hit an all-time high of $187.67 earlier in the session.
Wall Street Overview
Stocks rose on Monday, May 7, as U.S. crude oil settled above $70 a barrel for the first time since late 2014. Nestlé SA reached a deal Monday to pay Starbucks Corp. (SBUX) - Get Report $7.15 billion for the rights to sell the coffee chain's products globally.
The Dow Jones Industrial Average I:DJI closed up 94 points, or 0.39%, to 24,357. The S&P 500 I:GSPC was up 0.34% and the Nasdaq I:IXIC rose 0.77%. Leading the Dow higher were Caterpillar Inc. (CAT) - Get Report , Exxon Mobil Corp. (XOM) - Get Report and Boeing Co. (BA) - Get Report . Apple rose 0.72% to $185.16; earlier Monday the stock set an all-time high of $187.67.
West Texas Intermediate crude rose 1.5% Monday to settle at $70.73 a barrel. Prices are surging as President Donald Trump has indicated the U.S. may pull out of the Iran nuclear deal. The 2015 international agreement eased sanctions on Iran on the promise the country would curb its nuclear program.
If the U.S. chooses to exit the deal, it could reimpose economic sanctions on Iran. That would weigh on the country's crude exports and global supply at large. Trump is expected to make a decision on extending related sanction waivers by May 12.
Warren Buffett's conglomerate posted a loss of $1.14 billion for the quarter, the first loss since 2009. The accounting change forced Berkshire to recognize its equity holdings on a mark-to-market basis. Buffett had warned about the accounting change earlier this year.
Under the deal, Swiss-based Nestlé has been granted the "perpetual rights to market Starbucks consumer and foodservice products globally, outside of the company's coffee shops," the companies said in a statement. Starbucks was down slightly.
Athenahealth Inc. (ATHN) - Get Report jumped 16% to $146.75 after Elliott Management confirmed it was bidding $160 a share for the medical records company. Paul Singer's Elliott took a 9.2% stake in Athenahealth about a year ago.