Stocks finished higher on Monday. The Dow added 34 points to 24423 while the S&P 500 climbed 4 points to 2637. The Nasdaq Composite advanced 51 points to 7020.
U.S. equities recovered from sharp early morning losses as strength in the Technology sector boosted the major averages. Stocks hit their session lows near mid-day after British Prime Minister Theresa May announced she would delay the “Brexit” vote and will instead re-engage EU leaders in Brussels on a modified proposal. On the data front, the lone economic update revealed that U.S. job openings hovered near a record 7.1 million in October.
Technology shares paced gains as Microsoft advanced 2.6% to $107.59 and Intel added 2.1% to $47.21. Industrials erased early morning losses as defense stocks rallied in afternoon trading following a report President Trump no longer plans to “trim” defense spending. Energy and Financials stocks underperformed as falling oil prices and a flattening yield curve pressured both groups. In corporate news, Qualcomm added 2.2% to $57.24 after China granted the chipmaker an injunction against Apple. Elsewhere, Facebook added 3.2% to $141.85 on news the social media giant authorized a $9 billion increase to its share repurchase program.
Breadth was negative on issues by 2:1 on the NYSE and 3:2 on the Nasdaq. Composite NYSE volume totaled more than 4.0 billion shares.
Treasuries were mixed with the yield on the 10-year note unchanged at 2.85%. In commodities, WTI crude declined 3.3% to $50.88/barrel. COMEX gold lost 0.3% to $1,243.70/ounce amid a stronger dollar.