CTRA - Stocks Add to 7-Week Advance
Stocks rose Monday as the market maintained the momentum seen during its seven-week winning streak.
The Dow Jones Industrials advanced 59.02 points as morning became afternoon Monday at 37,364.18.
The S&P 500 turned higher 21.18 points to 4,740.61.
The NASDAQ jumped 60.58 points to 14,874.27.
Energy stocks outperformed in the S&P 500, with the sector up more than 1% on rising oil prices. Coterra Energy and Marathon Oil shares were each higher by about 2%.
U.S. Steel shares surged more than 26% after Japan's Nippon Steel said it would buy the company in a deal valued at $14.9 billion. Adobe shares gained roughly 1% after the company said it would end its $20-billion merger with cloud-based design platform Figma because of regulatory hurdles.
The winning streak for the S&P 500 marked its longest string of weekly gains since 2017. The broad market index is up by 3.5% for the month, while the Dow is up 3.9%, and NASDAQ has improved 4.3% higher. The Dow also posted an intraday record on Friday, and the Nasdaq 100 had a new closing high.
Prices for the 10-year Treasury fell back a bit, raising yields to 3.96% from Friday's 3.91%. Treasury prices and yields move in opposite directions.
Oil prices hiked $1.88 to $73.31 U.S. a barrel.
Gold prices assumed two dollars at $2,037.70.