Stock market today: Wall Street closes mixed after 7 straight weeks of gains
Stocks ended mixed on Wall Street as a seven-week winning streak cooled off
Stocks ended mixed on Monday as Wall Street's seven-week winning streak cooled off.
The S&P 500 rose 0.5% and the Nasdaq composite picked up 0.6%, while the Dow Jones Industrial Average finished essentially flat after most of a 0.2% gain faded by late afternoon.
Retailers and big technology companies were among the big gainers. Amazon.com rose 2.7% and Etsy climbed 4.7% for the biggest gain among S&P 500 stocks.
Chipmaker Nvidia rose 2.4%, while Meta added 2.9% and Netflix closed 3% higher.
Energy companies also rallied as the price of crude oil jumped amid growing concerns about attacks from Iranian-backed Houthis on shipping in the Red Sea. Oil and natural gas giant BP has joined the growing list of companies that have halted shipments in the major trade route.
Valero Energy rose 2.6% and Marathon Petroleum added 2.3%.
U.S. Steel soared 26.1% after agreeing to be acquired by Japan’s Nippon Steel. The Pittsburgh steel maker played a key role in the nation’s industrialization. The all-cash deal is valued at about $14.1 billion, or $14.9 billion with debt. That’s nearly double what was offered just four months ago by rival Cleveland Cliffs.
Investors had several other corporate buyout updates to review. Photoshop maker Adobe rose 2.5% following an announcement that it is terminating its planned $20 billion buyout of Figma. Door maker Masonite International fell 16% after saying it will by PGT Innovations in a deal worth about $13 billion.
Treasury yields mostly rose. The yield on the 10-year Treasury rose to 3.95% from 3.92% late Friday.
All told, the S&P 500 rose 21.37 points to 4,740.56. The Dow edged up 0.86 points to 37,306.02, and the
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