S&P Sets Record High for Third Consecutive Session
The Dow Jones, S&P 500 and Nasdaq were able to maintain momentum throughout the day, leading the Nasdaq and S&P to new record highs. This is the third consecutive session that the S&P has set a new record.
The Dow closed trading up 0.68%, while the S&P and Nasdaq closed the day up 0.39% and 0.32% respectively.
Drug maker Endocyte was the day's biggest winner, more than doubling its stock price after the company announced that it reached the completion of a licensing agreement for a phase 3 ready prostate cancer drug. Endocyte says that it hopes to begin clinical trials next year and get results from the drug as soon as 2020.
Shares of GM rose Monday after the company announced plans to develop two electric vehicles over the next 18 months and have 20 of them on roads by 2023. GM said that it will pay for the program using the profits from its high-margin SUV segment.
Retail stocks were selling off along with Nordstrom (JWN) - Get Report Monday following reports that deal talks to take the retailer private were falling apart. The New York Post reported that banks have been reluctant to fund the deal due to concerns about the viability of the upcoming holiday season.
