Updated from 10:02 a.m. ET on Monday, June 19.
Stocks added to gains on Monday, June 19, as a recovery from a selloff in major tech names stretched into the new week.
The S&P 500 was up 0.7%, the Dow Jones Industrial Average gained 0.5%, and the Nasdaq added 1.2%.
The Dow was trading above its record high set on Friday, June 16. The blue-chip index has hovered at all-time highs in recent weeks following an upbeat first-quarter earnings season and heading into the Federal Reserve's decision earlier in June to hike interest rates. The S&P 500 also set a record high.
Tech stocks rebounded on Monday in a reversal from a selloff early last week. The sector snapped back from steady gains secured since the beginning of the year after Goldman Sachs warned investors of overlooked risks.
The FAANG stocks -- Facebook Inc. (FB) , Apple Inc. (AAPL) , Amazon Inc. (AMZN) , Netflix Inc. (NFLX) and Alphabet Inc. (GOOGL) (formerly Google) -- were all higher Monday after taking the brunt of the selloff last week. Before the selloff, those five stocks had been responsible for two-fifths of the S&P 500's gains this year.
Grocery stocks were mixed Monday, following their selloff on Friday. Supermarket stocks and retailers had fallen Friday after Amazon announced that it will acquire Whole Foods Market (WFM) . Amazon offered $42 a share in an all-cash transaction valued at $13.7 billion. Whole Foods shares rose 1.5% to about $43.31 on Monday. Walmart Stores Inc. (WMT) slipped while Kroger Co. (KR) rose slightly.
Amazon's plans to take on the grocery and retail sectors will be under more scrutiny, said Doug Kass over on our premium site for investors, Real Money. Get his insights with a free trial subscription.
Boeing Co. (BA) gained more than 1% after announcing plans for a new, longer version of its 737 Max jet. The new jet from Boeing is expected to be ready for airlines by 2020. The company also said at the Paris Air Show that it has orders and commitments of more than 240 for the plane from at least 10 customers.
Britain kicked off its formal European Union exit talks Monday, nearly a year after the country voted to leave the bloc. Talks come at a time of high tension amid a backdrop of domestic political chaos, a weakening economy, a spate of deadly terrorist attacks and a fatal fire in a government-run housing project. Negotiators will meet in Brussels to form an agreement on Britain's financial commitments to the bloc, the so-called "Brexit Bill" before they take on the thorny issue of the U.K.'s trade relationship once it leaves the EU in 2019.
Britain's negotiating leverage is arguably at its weakest level in more than a decade after a shambolic snap election result for Prime Minister Theresa May, which surrendered her parliamentary majority and has left her floundering to cut a deal with lawmakers in Northern Ireland in order to stabilize her government, and the ongoing weakness of the economy in the wake of the Brexit vote.
Google announced that it will increase efforts to identify terrorist groups online. In a blog post Sunday, June 18, Google said that it would ramp up technology designed to identify "extremist and terrorism-related videos" and increase the number of independent experts to flag suspect videos on YouTube, among other efforts.
Valeant Pharmaceuticals International Inc. (VRX) rose after hedge fund manager John Paulson was elected to the company's board. Paulson & Co. holds a 5.6% stake in Valeant as of the end of March, making it the drugmaker's largest shareholder.
Altaba Inc. (AABA) climbed more than 4% in its market debut under a new name Monday. Altaba includes the remaining assets of the company known as Yahoo! before its internet properties were sold to Verizon. Altaba consists primarily of a large stake in Chinese e-commerce company Alibaba Group Holding Ltd. (BABA) .
Alibaba could one day be bigger than Apple, argued Alex Frew McMillan on Real Money. Get his insights with a free trial subscription.
More of What's Trending on TheStreet:
- 25 Wealthiest States: What They Export, Whom They Employ
- McDonald's Joins 5 Other Mega Brands In Ditching the Olympics
- Apple's Stock Will Treat You Just Fine If You Remember This One Golden Rule, Jim Cramer Reveals
- We Drove Chevy's $37,000 Electric Car for a Day and Were Overcome With Massive Range Anxiety
Worried about how to pay for your golden years? Ken Fisher, founder of Fisher Investments, and TheStreet's Jim Cramer will tell you what you need to know in a June 21 webinar on the market trends that are shaping retirement planning today. Register here for the event, which starts at 11 a.m. ET.