Day Traders Diary
The major averages rebound from a decline earlier in the day, led by solid gains in tech shares such as Amazon. The Dow Jones Industrial Average gained 174 points, or 0.6%, to close at 29,276 after dropping more than 100 points to start off the session. The S&P 500 advanced 0.6% to 3,352 while the Nasdaq Composite gained 1% to end the day at 9,628. Both the S&P 500 and Nasdaq reached all-time highs.
Amazon rose 2.6% to a record high, breaking above $2,100 per share for the first time. Netflix and Alphabet both closed more than 1% higher while Facebook eked out a gain. Tesla gained more than 3% in another volatile session for the electric car maker.
Boeing was the best-performing Dow stock, closing 2% higher. Microsoft, Visa and Cisco Systems added to the 30-stock average's gains, advancing more than 1% each.
The major averages were coming off their first loss in five sessions, with the Dow falling more than 200 points on Friday. Despite Friday's losses, Wall Street logged in its biggest weekly gain since June as the S&P 500 jumped 3.2%. Strong economic data along with solid corporate earnings reports fueled the market's weekly surge.
In M&A activity, Taubman Centers rose 53% after agreeing to be acquired by Simon Property for cash. Xerox rose a percent after it increased its offer to acquire HP Inc. HP Inc rose modestly.
U.S. Treasuries posted modest gains, pushing yields lower across the curve. The 2-yr yield declined one basis point to 1.38%, and the 10-yr yield declined three basis points to 1.55%. The U.S. Dollar Index increased 0.2% to 98.85.
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