Stocks climbed Monday as economic stimulus talks are being discussed on Capitol Hill and tech stocks continue to soar.
The expiration of emergency unemployment benefits, which gave millions of Americans $600 in pandemic unemployment assistance, has markets looking to Congress for a follow-up stimulus package, but weekend talks passed without a deal.
Lawmakers on Capitol Hill carried talks on a new stimulus package into the weekend Saturday, and while both sides hailed "good progress' from the meetings, Republicans and Democrats remain at least $1 trillion apart on their proposed bills.
In fact, the Nasdaq hit an intraday high shortly after trading opened on Monday.
Apple was trading higher following reports that the Cupertino, Calif., tech giant had bought Mobeewave, a Montreal startup with technology that could transform iPhones into mobile-payment terminals, for about $100 million.
Microsoft also advancing after the Redmond, Wash., software behemoth confirmed that it would continue to negotiate with ByteDance to explore a purchase of its popular social media platform TikTok in the U.S.
The Trump administration has upped its pressure on the Chinese government in recent months and threatened to ban TikTok.
Share of ADT soared after the provider of security solutions said that it and Alphabet's Google partnered on a new line of smart-home-security devices, software and services.
So, what's Jim Cramer watching?
Latest Videos From TheStreet and Jim Cramer:
- Coronavirus Update: Eli Lilly Starts Late-Stage Trial for Antibody Drug in Nursing Homes
- Apple Needs to Show Lifetime Value of iPhone User, Cramer Says
- Who Has the Power to Delay the Presidential Election?
- What Apple's 4-For-1 Stock Split Means for Investors
- Coca-Cola Enters the Alcoholic Beverage Market With Topo Chico Hard Seltzer
- Movies You Won't Be Seeing in 2020