Wall Street began the week with big gains on Monday, June 19, as a rebound in tech names pushed the Dow Jones Industrial Average and S&P 500 to reach new all-time closing records.
The S&P 500 was up 0.83%, the Dow gained 0.66%, and the Nasdaq added 1.42%.
Monday's record was the Dow's second in a row. 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 Dow and S&P 500 were on track to secure all-new highs by market close.
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 higher Monday following their selloff on Friday. Supermarket stocks and retailers had fallen Friday after Amazon announced that it would acquire Whole Foods Market (WFM) . Amazon offered $42 a share in an all-cash transaction valued at $13.7 billion. Whole Foods shares rose 0.9% to $43.06 on Monday. Walmart Stores Inc. (WMT) and Kroger Co. (KR) were both higher.
Costco Wholesale Corp. (COST) was downgraded to hold from buy at Deutsche Bank on Monday. Analysts said the bulk-purchase retailer would see increased competition following the Amazon-Whole Foods deal. Goldman Sachs downgraded Costco last week.