The U.S. stock market set more record highs on Monday, boosted by a court win for Facebook and broad strength in tech stocks.
The Dow Jones Industrials gave back 150.57 points to 34,283.27, as energy and transport stocks came under pressure.
Aerospace giant Boeing weighed on the Dow, with shares falling more than 3% after regulators told the company it is not likely to receive certification for its long-range aircraft until mid-to-late 2023. CEO Dave Calhoun earlier this month said it expected certification in the fourth-quarter of 2023.
The S&P 500 took on 9.91 points to 4,290.61, for its third-straight record close,
The NASDAQ jumped 140.12 points, or 1%, to 14,500.51.
Tech stocks were in the driver’s seat on Monday, with shares of Apple and Salesforce adding more than 1%. Facebook jumped more than 4% after a U.S. federal court dismissed an antitrust case against the company from the Federal Trade Commission and closed with a market cap above $1 trillion. Semiconductor stocks were a bright spot on Monday, with Nvidia 5% and Broadcom climbing more than 2%.
A massive, bipartisan infrastructure deal appeared revitalized as of Sunday evening after President Joe Biden clarified on Saturday that he doesn’t plan to veto the legislation if it comes without a separate reconciliation bill favored by Democrats. Republican senators then said on Sunday that the deal can move forward.
The president, flanked by a bipartisan group of senators, declared on Thursday that the group had reached a multibillion-dollar deal to improve the nation’s roads, bridges, waterways and broadband after weeks of negotiation.
Democrats have been pushing for a second bill that would include funding for issues like climate change, child care, health care and education.
Prices for 10-Year Treasurys improved, lowering yields to 1.48% from Friday’s 1.52%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.22 to $72.83 U.S. a barrel.
Gold prices gained $1.50 to $1,779.30 U.S. an ounce.
