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.


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  • 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) 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) 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

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