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Julie Young
Julie Young
Articles (1482) 

Large Caps Extend Gains With Higher Close Monday

Dow Jones gains 1.30%

The Dow Jones Industrial Average closed at 27,791.44 on Monday with a gain of 357.96 points or 1.30%. The S&P 500 closed at 3,360.47 for a gain of 9.19 points or 0.27%. The Nasdaq Composite closed at 10,968.36 for a loss of 42.63 points or -0.39%. The VIX Volatility Index was lower at 22.08 for a loss of 0.13 points or -0.59%.

Monday's market movers

Large caps closed mostly higher Monday for a seven-day rally. Consumers were grateful for an executive order from President Donald Trump to extend the extra unemployment benefit and defer some payroll taxes.

Tech stocks retreated for a second day after the Trump administration`s targeting of business with TikTok and WeChat. The Nasdaq Composite is now up 22.24% for the year.

Stock highlights:

  • Tilray (NASDAQ:TLRY): Revenue of $50.4 million increased 9.8% year over year and missed estimates by $4.59 million. A second-quarter GAAP earnings loss of 66 cents per share missed estimates by 39 cents. Stock gained 6.84% for the day.
  • IAC/InterActive (NASDAQ:IAC): Revenue of $726.4 million increased 5.5% year over year and missed estimates by $44.61 million. A second-quarter GAAP earnings loss of $1.13 missed estimates by $2.60.
  • Berkshire Hathaway (BRK.A)(BRK.B) reported earnings over the weekend. Revenue of $56.84 billion decreased 11.1% year over year and beat estimates by $3.24 billion. Second-quarter GAAP earnings of $10.88 per share beat estimates by $8.58.
  • MGM Resorts (NYSE:MGM) gained 13.83% following an investment from IAC.
  • Seres Therapeutics (MCRB) gained 389% after announcing positive drug results.
  • Kodak (KODK) down 28% after its Covid loan was halted pending the Securities and Exchange Commission's investigation.

Economic reports affecting market trading included the following:

  • The Job Openings and Labor Turnover Survey showed job openings of 5.889 million in June.
  • The Treasury held auctions for three-month bills at a rate of 0.105% and six-month bills at a rate of 0.120%.

Across sectors, energy, industrials and consumer discretionary led gains. In the S&P 500, the following stocks led gains:

Small-cap stocks

In small caps, the Russell 2000 closed at 1,584.67 for a gain of 15.49 points or 0.99%. The S&P 600 closed at 920.49 for a gain of 8.82 points or 0.97%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,961.10 for a gain of 4.18 points or 0.04%. The Dow Jones U.S. Small-Cap Value Index closed at 7,490.68 for a gain of 141.24 points or 1.92%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,947.13 for a gain of 8.60 points or 0.44%; the S&P 100 at 1,550.69 for a gain of 2.79 points or 0.18%; the Nasdaq 100 at 11,085.17 for a loss of 54.22 points or -0.49%; the Russell 3000 at 1,963.88 for a gain of 4.40 points or 0.22%; the Russell 1000 at 1,862.79 for a gain of 3.31 points or 0.18%; the Wilshire 5000 at 34,342.18 for a gain of 94.52 points or 0.28%; and the Dow Jones U.S. Select Dividend Index at 616.67 for a gain of 9.47 points or 1.56%.

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About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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