Pushing Higher. All three main U.S. stock indexes closed higher on Monday, with the S&P 500 surpassing its previous July peak to set both an intraday high and its highest close yet. Investors continued to stay optimistic over a preliminary trade deal with China, while a no-deal Brexit is off the table for now after the European Union granted a three-month extension to the deadline. Despite the moderating uncertainties, a third rate cut is still widely expected from the Federal Reserve this week. In today’s After the Bell, we…
check on the biggest movers in stocks today; wonder what the Fed’s monetary path will be like for the rest of 2019; and look into the results of the latest Big Money Poll from Barron’s.
Stocks ended Monday moderately higher, with strong undercurrents as some well-known names saw a sharp daily movements. The Dow Jones Industrial Average rose 132.66 points, or 0.49%, to close at 27,090.72. The S&P 500 added 16.87 points, or 0.56%, to finish at 3039.42 and the Nasdaq Composite grew 82.87 points, or 1.01%, to close at 8325.99.
Microsoft stock (ticker: MSFT) jumped after the software giant beat out Amazon.com (AMZN) for a cloud-computing contract valued at as much as $10 billion with the Defense Department. Spotify Technology stock (SPOT) climbed 16% after the music-streaming firm reported a surprise profit for the September quarter. Tiffany stock (TIF) soared after LVMH Moët Hennessy-Louis Vuitton (LVMUY) said it’s considering a possible takeover of the 182 year-old company, and Fitbit stock (FIT) surged after reports that Google-parent Alphabet (GOOG) has made an acquisition offer; shares of the two acquisition targets rose more than 30% on Monday. On the other hand, PG&E’s (PCG) stock continued to slide 24% on Monday as wildfires spread across California over the weekend.