Stocks finished firmly higher Monday. The Dow added 175 points to 25,239 while the S&P 500 gained 18 points to 2,724. The Nasdaq Composite climbed 83 points to 7,347.
The major averages advanced as strength in the Technology sector boosted sentiment. Quarterly earnings updates garnered an outsized focus during the session with several bellwether companies are slated to announce results later this week. On the data front, a survey showed factory orders unexpectedly declined for the second consecutive month in November. A separate release revealed durable goods orders increased by 0.7% in November, well below projections of a 1.5% advance.
Nine of 11 S&P 500 sectors finished in positive territory as Technology & Communication Services stocks paced gains. Shares of Apple added 2.8% to $171.10 while Google parent Alphabet advanced 2.0% to $1141.42. Consumer Staples also outperformed with Clorox jumping 5.7% to $158.38 after topping analyst estimates on both the top and bottom line. Industrials posted solid gains as Boeing climbed 2.5% to $397.00. The Healthcare group underperformed as AbbVie slipped 2.4% to $78.53 following this weekend’s write-up in Barron’s suggesting drug makers may see increased headwinds due to pricing pressures.
Breadth was positive on issues by roughly 2:1 on both the NYSE and the NASDAQ. Composite NYSE Volume totaled more than 3.3 billion shares.
Treasuries were weaker with the yield on the benchmark 10-year note up three basis points to 2.72%. In commodities, WTI crude fell 0.9% to $54.75/barrel. COMEX gold lost 0.2% to $1314.30/ounce amid a stronger dollar.