The Dow achieved a historic milestone by closing above the 38,000 mark for the very first time on Monday. This upward momentum in stocks continued, building upon the impressive rally from the previous week.
The Dow experienced a 138-point increase, equating to a 0.4% rise, ultimately concluding the trading day at a remarkable 38,001.81. Simultaneously, the S&P 500 also saw gains of 0.2%, and the Nasdaq Composite registered a 0.3% increase.
Furthermore, the S&P 500 reached an unprecedented all-time high, reaching a closing value of 4,850.43.
Notably, year-end forecasts for the Dow span a range from 34,000 to 45,000, according to Capex. Additionally, the S&P 500 recently entered a bull market, surging by over 20% from its lowest point and establishing a new record.
In other financial news, Macy’s shares climbed by 3.6% after the company rejected a $5.8 billion bid from Arkhouse Management and Brigade Capital Management, which aimed to privatize the company over the weekend.
Meanwhile, Spirit Airlines shares experienced a notable increase of 19.5% following an appeal filed by the company and JetBlue to challenge the ruling that had previously blocked their intended merger. JetBlue shares also showed a slight gain of 0.2%.
However, Archer-Daniels-Midland witnessed a substantial decline of 24.2% after placing its CEO on leave and revising its earnings forecast. This move came in response to the initiation of an investigation into the company’s accounting practices.