June 19, 2017
U.S. stocks traded higher on Monday as technology stocks tried to recover from a wobbly performance last week.
The Dow Jones industrial average gained 100 points and hit a record, surpassing a previous all-time high of 21,391.97, which was set last week. The S&P 500 gained 0.6 percent to als trade at a record, with information technology rising 1.5 percent to lead advancers. The Nasdaq composite outperformed, rising 1.2 percent.
Large-cap technology stocks like Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all rose more than 1 percent in early trade. Last week, valuation concerns sent the overall sector lower by around 0.8 percent. Tech is by far the best-performing sector of the year, rising 17.2 percent in the period.
“I don’t know where the optimism is coming from. That’s not to say we should be negative. I just don’t see any reason for excessive optimism or pessimism right now,” said Randy Frederick, vice president of trading and derivatives at Charles Schwab.
This article was posted: Monday, June 19, 2017 at 9:12 am