Stocks jumped into the holiday week Monday, with the Nasdaq, Dow and S&P 500 all taking news highs as names including Akamai Technologies ( AKAM ) and Vipshop Holdings ( VIPS ) scored big early gains.
[ibd-display-video id=3030483 width=50 float=left autostart=true] The Nasdaq Composite popped 0.7% higher, with Akamai and JD.com ( JD ) driving the Nasdaq 100. The Dow Jones industrial average surged 0.8% as Intel ( INTC ) and Cisco Systems ( CSCO ) hammered out powerful gains. The S&P 500 leapt 0.7% at the open.
A busy week for housing data begins today with the builders confidence survey from the National Association of Home Builders at 10 a.m. ET. The week's most notable data point will be the final take on third-quarter GDP, set for release Thursday.
Earnings reports are due from FedEx (FDX) on Tuesday, and Bed, Bath & Beyond (BBBY) and Winnebago (WGO) on Wednesday.
Tencent, JD.Com Buy Piece Of Vipshop; Bitcoin Stocks Surge
Among Dow stocks, Intel ran up 1.8%, Cisco gained 1.7% at the starting bell. Goldman Sachs (GS) and JPMorgan (JPM) ran more than 1% higher apiece. Goldman remains in a buy range above a 247.17 buy point in a cup-with-handle base.
Dow peer Procter & Gamble (PG) grabbed a 1.1% gain. The personal care products giant announced late Friday that activist investor Nelson Peltz of Trian Fund Management had earned a director's seat following a recent company election. The stock has been working on a three-month base with buy points at 93.61 and 94.77.
Apple (AAPL) jumped 1% in early trade, to just below a 176.34 buy point in a flat base .
Microsoft (MSFT) climbed 0.3%, taking new high ground after clearing a flat base Friday. The stock remains in a buy range through 90.62.
Railroad CSX (CSX) traded down 0.7%, as investors reacted to the sudden death on Saturday of Chief Executive Hunter Harrison . Shares had gapped down 8% Friday on news that Harrison had taken a sudden medical leave of absence. Chief Operating Officer Jim Foote was named to take the CEO position. CSX shares had just cleared a five-month consolidation, and were up 47% since the start of the year.
Akamai Technologies soared 15% following an upgrade to outperform, from neutral, from Credit Suisse. The stock has turned in a 14-week advance, lifting it 22% from a September low.
China-based Vipshop Holdings spiked 46% at the open, after announcing an $863 million investment deal with Tencent Holdings (TCEHY) and JD.com . Vipshop shares had been caught up in a 32-month decline. JD.com shares rose 4%. Tencent was up 1%.
Airline stock futures went from early gains to generally flat trade, as investors valued in the fire that cut power to Atlanta's Hartsfield-Jackson airport for 11 hours Sunday, snarling U.S. air traffic schedules. Delta Air Lines (DAL) added 0.1%, United Continental (UAL) was up 0.4%. American Airlines Group (AAL) gained 0.8% and Southwest Airlines (LUV) added 0.5%.
Bitcoin-related stocks rallied hard early Monday as bitcoin pulled back near $19,000 as CME Group's (CME) bitcoin futures launched above the $20,000 mark. Bitcoin Investment Trust (GBTC) jumped 14%, Riot Blockchain (RIOT) bolted 16% higher, Marathon Patent Group (MARA) gained 8%.
RELATED:
Tax Cut Bill Ignites Stocks, But Breakouts Scarce
Apple Just Carved A Base; These 3 Dow Stocks Are New Buys
Will The 'Big Six' Retailers Nab All The Holiday Shopping Cheer?
New Oriental, TAL Education Build Bases As China's Markets Pause
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
