Here Are 3 Hot Things to Know About Stocks Right Now

  • With gains on Monday, the Dow Jones Industrial Average  has now risen for eight straight sessions.
  • But the Dow remains more than 1,700 points below its all-time high set on Jan. 26.
  • Gaming shares jumped after the Supreme Court struck down a law that prohibited New Jersey from allowing sports betting at state casinos.

Wall Street Overview

Stocks rose but came off their highs Monday, May 14, and Asian markets posted gains as Donald Trump's pledge to support a Chinese telecommunications company raised the prospect of a near-term agreement on trade with China.

The Dow Jones Industrial Average finished up 70 points, or 0.28%, to 24,901. The S&P 500 was up 0.09% and the Nasdaq gained 0.11%.

The Dow's gains on Monday were the index's eighth straight. Last week the Dow rose 2.34%, the S&P 500 gained 2.41% and the Nasdaq rose 2.68%.

President Donald Trump appeared to throw a lifeline to China's ZTE Corp. (ZTCOY) , the China-based telecommunications giant that was banned from dealing with U.S. suppliers amid allegations it had violated Western sanctions on Iran and North Korea, in a tweet that urged officials to find a way to get the company "back into business fast."

ZTE rose 1.84% on Monday. 

Acacia Communications Inc. ( ACIA) , Finisar Corp. ( FNSR) and shares of other optical companies were rising following Trump's support over the weekend for ZTE. 

Stocks in the U.S. gaming sector jumped Monday after the U.S. Supreme Court struck down a two-decades old law that prohibited New Jersey from allowing sports betting at state casinos.

MGM Resorts International (MGM)  , Caesars Entertainment Corp.  (CZR)  , Boyd Gaming Corp.  (BYD)  , Churchill Downs Inc. (CHDN) and Penn National Gaming Inc. (PENN)  all rose sharply.

Xerox Corp. ( XRX) late Sunday, May 13, terminated its merger with Fujifilm at the same time that it reached a deal to add five Carl Icahn-backed directors onto its board and replace its controversial CEO.
 
Xerox shares fell 4.3% on Monday after JPMorgan Chase analyst Paul Coster cut his rating on the stock to neutral from overweight.
Matthew Schwall, who had been the director of field performance engineering at Tesla Inc. ( TSLA) , left the company to join rival Waymo, The Wall Street Journal reported.  Schwall's departure came after Tesla's senior vice president of engineering, Doug Field, stepped away from the company to spend more time with his family.

Tesla fell 3%.

NXP Semiconductors NV (NXPI) surged nearly 12% on Monday following a report from Bloomberg that said officials in China were reviewing Qualcomm Inc.'s (QCOM) planned $44 billion takeover of the U.S. chipmaker.

Sears Holdings Corp. (SHLD) was up 6.7% after the retailer said a special committee of its board initiated a formal process to explore the sale of its Kenmore brand and related assets.