US stocks posted solid gains on Monday, led by rally in technology and retail stocks, with traders looking past trade concerns and focusing on Friday’s bullish jobs report.
The Dow Jones Industrial Average rose 178 points, or 0.72%, to 24,814. The broader S&P 500 climbed 12 points, or 0.4%, to 2,747. With the rally in tech stocks, the Nasdaq Composite jumped 52 points, or 0.69%, to 7,606, a fresh record close. It remained shy of its all-time intraday high of 7,637, hit on 13 March.
Technology, consumer discretionary and consumer staples sectors led the gains, up about 1%.
Technology shares climbed with Apple and Amazon gaining 0.8% and 1.5%, respectively. Apple and Amazon also posted record closing highs.
Microsoft also helped lift the Nasdaq, rising 0.9% to a record after announcing it was acquiring GitHub, a software developer platform, for $7.5 billion. Other tech names hitting all-time highs on Monday included Adobe, Electronic Arts and Netflix.
Retail stocks also boosted major bourses with Walmart and Target rising 2.9% and 4.9%, respectively. Macy’s Inc. climbed 4.3%, while Kohl’s Corp. notched a gain of 4.7%. Starbucks said Howard Schultz will step down from his position as the coffee chain’s executive chairman. Shares fell more than 1% in after-hours trading.
Investors continued to cheer a round of solid US jobs data released on Friday, with the economy adding 223,000 jobs in May, pushing the May unemployment rate down to 3.8%, an 18-year low.
Meanwhile, over the weekend, finance ministers from Canada, France, Germany, Italy, Japan and the UK expressed their “unanimous concern and disappointment” with the US decision to impose tariffs on steel and aluminum imports from Canada, the European Union and Mexico.
In Asia, share markets were mixed on Tuesday in morning session, with Japan’s benchmark the only index edging higher.