Closing Update: Stocks Rally as Blue-Chips, S&P 500 Break Records; Nasdaq Recovers 2%

Some of the leading stock indexes set new records and the broader market held onto strong gains Monday. Investors poured back into equities on the combination of bargain-hunting, upbeat corporate earnings, and a multi-billion dollar merger in the food industry. The S&P 500 closed at its all-time high of 1,896.65, while the tech-heavy Nasdaq Composite rallied nearly 2% as advances in biotechs, Twitter ( TWTR ), and Gogo ( GOGO ) helped drive the index, which has been lagging its index counterparts, to a near two-week high.

In economic news, the Treasury reported a $106.9 billion budget surplus in April, reversing a deficit of $36.9 billion the month prior, but falling short of estimates for a $114 billion surplus.

Tomorrow's calendar gives Wall Street more to sink its teeth in to, with retail sales forecast to increase 0.4% in April, while sales excluding autos should improve 0.6%.

Import and export prices should rise 0.2% and 0.4%, respectively. Finally, business will likely report a 0.5% build-up in inventories in March, continuing the trend from the month prior.

Here's where the markets stand at the close:


Dow Jones Industrial Index was up 112 points (+0.7%) at 16,695

S&P 500 was up 18 points (+1%) at 1,896

Nasdaq Composite Index was up 71 points (+1.8%) at 4,143


FTSE 100 was up 0.55%

Nikkei 225 was down 0.35%

Hang Seng Index was up 1.82%

Shanghai China Composite Index was up 2.08%


(+) ARTX Upgraded to Buy from Neutral at B. Riley

(+) DRL Asked the Commonwealth of Puerto Rico to repay $230 mln in tax receivables owed to the bank

(+) KIN Advances ahead of Q1 earnings

(+) WAVX WidePoint ( WYY ) will use WAVX's EMBASSY Security Center and Cryptographic Service Provider on customer devices

(+) GURE Earnings more than double from same quarter last year


(-) HPJ Reported a wider Q1 loss of $0.07 per share

(-) INSY Short-seller Bronte Capital issued a negative blog

(-) DXYN Announced 2.50 million public offering of common shares

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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