Advertisment
The Dow Jones Industrial Average climbed to a record high on Monday amid strong gains in energy stocks, building on the benchmark’s recent strong rally. Big Tech stocks came under pressure, however, weighing on the NASDAQ Composite
The 30-stock index popped 270.44 points to register another all-time record of 35,048.20, boosted by a jump in Dow Inc and Chevron shares.
The S&P 500 retreated 1.48 points to 4,231.12.
The NASDAQ Composite stumbled 190 points, or 1.4%, to 13,562.23.
Gasoline futures rose after a ransomware attack forced the closure of the largest U.S. fuel pipeline over the weekend. Colonial Pipeline, which operates a 5,500-mile system, said it was forced to halt the transport of fuel from the Gulf Coast to the New York metro area on Friday as it "took certain systems offline to contain the threat."
Colonial said Sunday evening that some of its smaller lateral lines once again online, but that its main lines are still shut down.
Shares of energy stocks gained including Marathon Oil, Occidental Petroleum and Devon Energy. Chevron was up 1.7%. Exxon was also higher.
Bigger tech stocks declined, however, weighing on sentiment. Tesla dropped more than 4%. Facebook fell over 4%, while Alphabet dipped more than 2% after a downgrade by Citigroup.
The market will face a key test on Wednesday with the release of inflation data. Investors fear a scenario where the Federal Reserve is forced to cut back its easy money policies to curb inflation, before the economy has fully recovered from the pandemic.
Prices for 10-Year Treasurys lost ground, raising yields to Friday’s 1.58%. Treasury prices and yields move in opposite directions.
Oil prices eked up a penny to $64.91 U.S. a barrel.
Gold prices gained $8.50 to $1,839.80 U.S. an ounce.
