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Post by bot on Jun 10, 2019 16:18:41 GMT -5
Dow reclaims 26,000, logs longest win streak in more than a year as tech stocks rally
U.S. stock indexes finished solidly higher Monday, but off their best levels of the session, as gains in information technology and consumer-discretionary shares helped to extend the market's multiday rally. The Dow Jones Industrial Average closed up 78.74 points, or 0.3%, at 26,062.68, marking its sixth consecutive gain, which represents its longest win streak since an eight-session period ended May 14, 2018, according to FactSet data. The blue-chip gauge had hit highs at 26,210.61 in midday trade before paring gains. The S&P 500 index closed 0.5% higher at 2,887, reaching within 45 points of its April 30 all-time high at one point Monday, while the Nasdaq Composite Index finished the day up 1.1% at 7,823. Gains on the day were widely attributed to relief over the White House's decision to drop a threat to hit Mexico with tariffs on billions of dollars of goods. Investors also are hoping that the Federal Reserve signals that it will ease monetary policy when it concludes it two-day meeting on June 19. In corporate news, among the best performers of the day was meat-substitute company Beyond Meat Inc. , which soared 21% on Monday, climbing 154% over the past 30-day period. Shares of United Technologies Corp. and Raytheon Co. after the two defense contractors announced a massive all-stock merger.
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