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Markets finished higher on Monday, driven by a rally in tech stocks and an increase in oil prices. However, stocks suffered a pullback later in the trading session after President Donald Trump tweeted that he would be take a decision on the Iran deal on Tuesday. The rally in tech stocks was led by Apple, which continued its six-day long winning streak. This saw all the three indexes ending the day higher.
The Dow Jones Industrial Average (DJI) gained 0.4%, to close at 24,357.32. The S&P 500 rose 0.4% to close at 2,672.63. The Nasdaq Composite Index closed at 7,265.21, increasing 0.8%. A total of 6.1 billion shares were traded on Monday, lower than the last 20-session average of 6.6 billion shares. Advancers outnumbered decliners on the NYSE by a 1.70-to-1 ratio. On Nasdaq, a 1.62-to-1 ratio favored advancing issues.
How did the Benchmark Perform?
The Dow gained 94.81 points after rising as much as 200 points at one time. Shares of Apple (AAPL - Free Report) rallied once again that saw other tech stocks too surge. Shares of other tech giants Alphabet (GOOGL - Free Report) , Amazon (AMZN - Free Report) and Facebook too gained on this news. Amazon has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The S&P 500 gained 9.21 points, with seven of the 11 major sectors ending in positive territory. The Technology Select Sector SPDR (XLK) gained 0.7%. However, the Energy Select Sector SPDR (XLE) which was the best performer for most part of the day erased the initial gains, ending the day 0.1% higher. Meanwhile, the tech-heavy Nasdaq gained 55.60 points.
Apple Continues its Winning Streak
Shares of Apple have been rallying since it reported robust second-quarter fiscal 2018 earnings last week. The iPhone maker posted its sixth straight day of gains after investor Warren Buffett’s Berkshire Hathaway announced on Friday it has bought 75 million shares of the iPhone maker in the first quarter. This reinstated investors’ confidence that saw the company’s shares surge once again on Monday.
Apple rally helped the broader tech sector, which saw shares prices of other tech giants too jumping. Shares of Alphabet and Facebook gained 0.8% each, while Amazon gained 1.2%.
Energy Stocks Rally Before Pulling Back
Speculation about whether the United States will re-impose sanctions on Iran has seen oil prices soaring to multi-year highs. Oil prices have risen to its highest level since 2014 after Trump threatened to withdraw from the agreement signed in 2015. This saw energy stocks giving a boost to all three major indexes early on Monday. The Technology Select Sector SPDR (XLK) rose as much as 2% at one point on Monday
However, Trump’s tweet in the afternoon that a decision on Iraq was imminent and that he would announce it on Tuesday partly erased the gains. This saw energy stocks pull back with Technology Select Sector SPDR (XLK) ending the day 0.1% higher.
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Image: Bigstock
Stock Market News For May 8, 2018
Markets finished higher on Monday, driven by a rally in tech stocks and an increase in oil prices. However, stocks suffered a pullback later in the trading session after President Donald Trump tweeted that he would be take a decision on the Iran deal on Tuesday. The rally in tech stocks was led by Apple, which continued its six-day long winning streak. This saw all the three indexes ending the day higher.
The Dow Jones Industrial Average (DJI) gained 0.4%, to close at 24,357.32. The S&P 500 rose 0.4% to close at 2,672.63. The Nasdaq Composite Index closed at 7,265.21, increasing 0.8%. A total of 6.1 billion shares were traded on Monday, lower than the last 20-session average of 6.6 billion shares. Advancers outnumbered decliners on the NYSE by a 1.70-to-1 ratio. On Nasdaq, a 1.62-to-1 ratio favored advancing issues.
How did the Benchmark Perform?
The Dow gained 94.81 points after rising as much as 200 points at one time. Shares of Apple (AAPL - Free Report) rallied once again that saw other tech stocks too surge. Shares of other tech giants Alphabet (GOOGL - Free Report) , Amazon (AMZN - Free Report) and Facebook too gained on this news. Amazon has a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The S&P 500 gained 9.21 points, with seven of the 11 major sectors ending in positive territory. The Technology Select Sector SPDR (XLK) gained 0.7%. However, the Energy Select Sector SPDR (XLE) which was the best performer for most part of the day erased the initial gains, ending the day 0.1% higher. Meanwhile, the tech-heavy Nasdaq gained 55.60 points.
Apple Continues its Winning Streak
Shares of Apple have been rallying since it reported robust second-quarter fiscal 2018 earnings last week. The iPhone maker posted its sixth straight day of gains after investor Warren Buffett’s Berkshire Hathaway announced on Friday it has bought 75 million shares of the iPhone maker in the first quarter. This reinstated investors’ confidence that saw the company’s shares surge once again on Monday.
Apple rally helped the broader tech sector, which saw shares prices of other tech giants too jumping. Shares of Alphabet and Facebook gained 0.8% each, while Amazon gained 1.2%.
Energy Stocks Rally Before Pulling Back
Speculation about whether the United States will re-impose sanctions on Iran has seen oil prices soaring to multi-year highs. Oil prices have risen to its highest level since 2014 after Trump threatened to withdraw from the agreement signed in 2015. This saw energy stocks giving a boost to all three major indexes early on Monday. The Technology Select Sector SPDR (XLK) rose as much as 2% at one point on Monday
However, Trump’s tweet in the afternoon that a decision on Iraq was imminent and that he would announce it on Tuesday partly erased the gains. This saw energy stocks pull back with Technology Select Sector SPDR (XLK) ending the day 0.1% higher.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana. Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>