Wall Street drifted slightly higher Monday after a day of mixed trading.
- The S&P 500 rose 17.51 points, or 0.3%, to 6,661.21.
- The Dow Jones Industrial Average rose 68.78 points, or 0.1%, to 46,317.07.
- The Nasdaq composite rose 107.09 points, or 0.5%, to 22,591.15.
All three indexes are near their all-time highs set a week ago. Technology stocks recovered some of their losses from last week, while oil companies sank with the price of crude. This week's highlight for Wall Street is scheduled for Friday, when the latest monthly update on the job market is due. Traders are hoping for modest numbers that will keep the Federal Reserve on track to cut interest rates, the
AP reports.
Amazon added 1.1% following its 5.1% drop last week, and Microsoft rose 0.6% to recover some of its 1.2% decline. While their moves were modest, they were still two of the strongest forces lifting the S&P 500 Monday because they're two of Wall Street's most valuable stocks. On the losing end of the market were companies in the oil business, which were hurt by slumping crude prices. Drops of 2.6% for Exxon Mobil and 2.5% for Chevron were two of the heaviest weights on the S&P 500. Oil prices fell more than 3%.
Electronic Arts rallied 4.5% after the video game maker confirmed rumors of a $55 billion buyout. A group of investors will pay $210 in cash for each share of EA, and they are calling it history's largest all-cash deal to take a business private. CSX chugged 5.4% higher after the railroad operator named Steve Angel as its chief executive. Angel was previously CEO of Linde and its predecessor Praxair, and he is replacing Joe Hinrichs, who also left CSX's board. Stocks in the marijuana-related business soared after President Trump posted a video to his social media network calling hemp-derived CBD a "game changer" in improving the quality of life for seniors. Tilray Brands jumped 59.5%, and Canada's Canopy Growth rose 17% in Toronto.
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