Stocks finished mixed Monday. The Dow climbed 190 points to 25461, while the S&P 500 gained 15 points to 2738. The Nasdaq Composite lost 28 points to 7328.
The major averages fluctuated as investors weighed strong gains in the Energy and Financial sectors against weakness in the Tech space. Market participants anticipate tomorrow’s midterm elections, as well as Thursday’s FOMC meeting in which the Fed is widely expected to leave interest rates unchanged. On the data front, the Institute for Supply Management (ISM) reported activity in the services sector eased less-than-anticipated in October after rising to a 21-year high during the prior month.
Eight of 11 S&P 500 sectors closed in positive territory. Energy shares led advancers with Chevron climbing 3.7% to $118.94 following an analyst upgrade. Financials also outperformed, with Berkshire Hathaway Class B shares rallying 4.7% to $216.24 after revealing operating profit nearly doubled on lower taxes and insurance results that exceeded expectations. Apple slid 2.8% to $201.59, dragging down the Nasdaq, following a report that the iPhone maker canceled previously planned production increases. Amazon fell 2.3% to $1,627.80 after the Trump administration announced an investigation into antitrust violations.
Breadth was positive on issues by 5:3 on the NYSE and negative by 5:4 on the Nasdaq. Composite NYSE volume was more than 3.6 billion shares.
Treasuries advanced with the yield on the 10-year note down one basis point to 3.20%. In commodities, WTI crude gave back earlier gains to slip 0.6% to $62.78/barrel as worries over Iran sanctions eased. COMEX gold edged down 0.1% to $1,232.40/ounce despite a weaker dollar.