Stock Market Today- U.S. Stocks Grab the Baton From China – Kiplinger

Stocks shot out of the blocks Monday morning, ignoring continued COVID-19 surges across many states, and instead drawing strength from China.

The state-owned China Securities Journal ran a front-page editorial pumping up the importance of a “healthy bull market” in the wake of the pandemic, leading to a massive 5.7% jump in the Shanghai Composite Index, as well as many U.S.-traded Chinese stocks.

Also Monday, the U.S. Institute for Supply Management reported the largest jump in its service-sector index, from 45.4 in May to 57.1 in June, signaling that the services industry has flipped from contraction to expansion.

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“All told, we view this June ISM reading mostly as a confirmation of the upturn signaled by other indicators, and is a good sign that activity is poised for a strong increase in Q3,” Deputy Chief US Economist Jonathan Millar wrote in a Monday note. “Indeed, we anticipate that the ISMs will strengthen to much more robust levels in the coming months.”

The tech-heavy Nasdaq gained 2.2% to 10,433, led by mega-caps including (AMZN, +5.8%), Apple (AAPL, +2.7%) and Tesla (TSLA, +13.5%). Now worth more than $250 billion by market value, Tesla hit all-time highs after its most bearish analyst raised his price target to $295 … still 78% below Monday’s closing price.

The Dow finished up 1.8% to 26,287, the S&P 500 closed 1.6% higher to 3,179, and the small-cap Russell 2000 climbed a modest 0.8% to 1,442.

Uncle Warren Unleashes the Money Clip

The Oracle of Omaha put some pep into Wall Street’s step, too. 

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On Sunday, Warren Buffett’s Berkshire Hathaway (BRK.B) announced a $9.7 billion deal to buy Dominion Energy’s (D) natural gas pipeline and storage assets – the

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