Stocks finished higher Monday. The Dow added 98 points to 23,531 while the S&P 500 climbed 17 points to 2,549. The Nasdaq Composite gained 84 points to 6,823. The small-cap Russell 2000 was the top performing index adding 3.5% on the session.
The major averages extended last week’s gains as investors await further trade updates. Earlier today, negotiations between Chinese and US officials began with optimistic comments coming from both parties. On the data front, ISM’s gauge of U.S. services activity declined more than expected in December, to the lowest level since July. Meanwhile, scheduled updates on factory orders and durable goods orders were postponed due to the partial government shutdown.
Nine of 11 S&P 500 sectors finished in positive territory. Consumer Discretionary shares paced gains as Amazon advanced 3.4% to $1629.51, and surpassed Microsoft as the world’s most valuable public company. Technology stocks also finished broadly higher as NVIDIA gained 5.3% to $143.40. The Energy sector also outperformed as oil prices extended gains for a sixth straight session. Utilities underperformed as PG&E tumbled 22.3% to $18.95 after the California utility hinted it may file for bankruptcy protection amid billions of dollars in wildfire liabilities.
Breadth was positive on issues by 4:1 on the NYSE and by 3:1 on the Nasdaq. Composite NYSE Volume totaled more than 4.0 billion shares.
Treasuries were weaker along the curve as the yield on the 10-year note climbed three basis points to 2.69%. In commodities, WTI crude added 1.5% to $48.67/barrel. COMEX gold advanced 0.7% to $1,289.70/ounce amid a weaker dollar.