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Nasdaq ends at record high as Wall Street rises with tech shares

(Reuters) – U.S stocks rose on Wednesday and the Nasdaq hit a record closing high, supported by technology shares as early signs of an economic rebound offset concern about further lockdowns due to a jump in coronavirus cases across the country.

Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) provided the biggest boosts to the Dow and S&P 500, with the S&P 500 technology index .SPLRCT up 1.6% and leading sector gains. The Nasdaq outpaced the other two major indexes, ending 1.4% higher, led by Amazon.com (AMZN.O), its fourth record closing high this month.

The number of confirmed U.S. coronavirus cases surpassed 3 million, affecting nearly one of every 100 Americans. California, Hawaii, Idaho, Missouri, Montana, Oklahoma and Texas broke their previous daily record highs for new infections.

Investors have been weighing a string of upbeat economic data including record job additions and a rebound in the service sector in June, against the surge in U.S. coronavirus cases recently, but the S&P 500 is still up more than 40% from its March closing low.

“The market continues to ignore the potential consequences of these spikes in new coronavirus cases,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

“It’s overbought,” he said. “While I don’t expect this market to crash… I think investors at this juncture are playing with fire,” he said, noting the rise in safe-haven gold prices. XAU= [GOL/]

Adding to the optimistic tone late in the session, St. Louis Federal Reserve Bank President James Bullard told CNBC in an interview that U.S. unemployment will likely decline to below 8% “maybe even 7%” by the end of the year.

The Dow Jones Industrial Average .DJI rose 177.1 points, or 0.68%, to 26,067.28, the S&P 500 .SPX gained 24.62 points, or 0.78%, to 3,169.94 and the Nasdaq Composite .IXIC added 148.61 points, or 1.44%, to 10,492.50.

Markets also appeared to be in a wait-and-watch mode before the beginning of the second-quarter earnings season, which kicks off next week with reports from the big Wall Street banks.

Quarterly earnings for S&P 500 companies are expected to decline nearly 44% year-on-year, the steepest drop since the 2008 financial crisis, according to IBES data from Refinitiv.

Biogen Inc (BIIB.O) jumped 4.4% after the company said it submitted the marketing application for its experimental Alzheimer’s disease therapy, aducanumab.

Allstate Corp (ALL.N) shares fell 4.8% as the U.S. insurer said it would buy National General Holdings Corp (NGHC.O) for about $4 billion, scaling up its auto insurance business. National General shares surged 65.8%.

Advancing issues outnumbered declining ones on the NYSE by a 1.48-to-1 ratio; on Nasdaq, a 1.34-to-1 ratio favored advancers.

The S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 99 new highs and 18 new lows.

Volume on U.S. exchanges was 10.40 billion shares, compared with the 12.4 billion average for the full session over the last 20 trading days.

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Wall Street inches up with tech shares, though jump in virus cases a concern

(Reuters) – U.S stocks were slightly higher in choppy trading on Wednesday, supported by technology shares as early signs of an economic rebound offset concern about further lockdowns due to a jump in coronavirus cases across the country.

Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) provided the biggest boost to all three indexes. The technology index .SPLRCT rose 0.9%.

The number of confirmed U.S. cases surpassed 3 million, affecting nearly one of every 100 Americans. California, Hawaii, Idaho, Missouri, Montana, Oklahoma and Texas broke their previous daily record highs for new infections.

Investors have been weighing a string of upbeat economic data including record job additions and a rebound in the service sector in June, against the surge in U.S. coronavirus cases recently, but the S&P 500 is still up about 40% from its March closing low.

There still seems to be a focus on the reopenings rather than the increase in cases, said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

“But there are warning signs out there… While I don’t expect this market to crash, it’s overbought, and I think investors at this juncture are playing with fire,” he said, noting the rise in safe-haven gold prices.

Markets also appeared to be in a wait-and-watch mode before the beginning of the second-quarter earnings season, which kicks off next week with reports from the big Wall Street banks.

Quarterly earnings for S&P 500 companies are expected to decline nearly 44% year-on-year, the steepest drop since the 2008 financial crisis, according to IBES data from Refinitiv.

The Dow Jones Industrial Average .DJI rose 22.94 points, or 0.09%, to 25,913.12, the S&P 500 .SPX gained 6.11 points, or 0.19%, to 3,151.43 and the Nasdaq Composite .IXIC added 82.88 points, or 0.8%, to 10,426.77.

Biogen Inc (BIIB.O) jumped 4.2% after the company said it submitted the marketing application for its experimental Alzheimer’s disease therapy, aducanumab.

Allstate Corp (ALL.N) shares slipped as the U.S. insurer said it would buy National General Holdings Corp (NGHC.O) for about $4 billion, scaling up its auto insurance business. National General shares surged 65.1%.

Advancing issues outnumbered declining ones on the NYSE by a 1.06-to-1 ratio; on Nasdaq, a 1.04-to-1 ratio favored decliners.

The S&P 500 posted 17 new 52-week highs and no new lows; the Nasdaq Composite recorded 92 new highs and 18 new lows.

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Wall Street climbs as hopes of economic revival overshadow jump in virus cases

(Reuters) – Wall Street’s major indexes edged higher in choppy trading on Wednesday, supported by technology shares as early signs of an economic rebound overrode fears of another lockdown due to a jump in coronavirus cases across the country.

Apple Inc (AAPL.O) and Microsoft Corp (MSFT.O) provided the biggest boost to all three indexes. The technology index .SPLRCT rose 1.1%, the most among the 11 major S&P sectors.

“People are debating whether or not the low in the economy has actually been reached so they’re sticking with growth stocks and that’s technology,” said Robert Pavlik, senior portfolio manager at SlateStone Wealth LLC in New York.

Safe-haven gold rose nearly 1% as the number of confirmed U.S. cases surpassed 3 million, affecting nearly one of every 100 Americans. California, Hawaii, Idaho, Missouri, Montana, Oklahoma and Texas broke their previous daily record highs for new infections.

The S&P 500 has been in a tight trading range since early June after it rose more than 45% from its March lows as investors weighed a string of upbeat economic data including record job additions and a rebound in the service sector in June, against a domestic surge in coronavirus cases.

Markets also appeared to be in a wait-and-watch mode before the beginning of the second-quarter earnings season, which kicks off next week with reports from the big Wall Street banks.

Quarterly earnings for S&P 500 companies are expected to decline about 44% year-on-year, the steepest drop since the 2008 financial crisis, according to IBES Refinitiv data.

“Wall Street is looking ahead to 2021 earnings and pretty much ignoring 2020,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

At 12:34 p.m. ET, the Dow Jones Industrial Average .DJI was up 38.21 points, or 0.15%, at 25,928.39, the S&P 500 .SPX was up 9.53 points, or 0.30%, at 3,154.85. The Nasdaq Composite .IXIC was up 96.05 points, or 0.93%, at 10,439.94.

Biogen Inc (BIIB.O) jumped 5.2% after the company said it submitted the marketing application for its experimental Alzheimer’s disease therapy, aducanumab.

Allstate Corp (ALL.N) slipped 3.7% as the U.S. insurer said it would buy National General Holdings Corp (NGHC.O) for about $4 billion, scaling up its auto insurance business. National General shares surged 64.6%.

Advancing issues outnumbered decliners by a 1.12-to-1 ratio on the NYSE and for a 1.02-to-1 ratio on the Nasdaq.

The S&P index recorded 16 new 52-week highs and no new low, while the Nasdaq recorded 84 new highs and 16 new lows.

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Wall Street rises on rebound hopes despite jump in virus cases

(Reuters) – Technology shares boosted Wall Street’s main indexes on Wednesday as early signs of an economic rebound offset fears of another lockdown due to a jump in coronavirus cases across the country.

Safe-haven gold rose more than 1% as the number of confirmed U.S. cases surpassed 3 million, affecting nearly one of every 100 Americans. California, Hawaii, Idaho, Missouri, Montana, Oklahoma and Texas broke their previous daily record highs for new infections.

“We expect the tug of war between better economic data and concerns over rising COVID-19 cases to continue through the month unless we get better daily virus numbers, and/or news on a vaccine,” said Art Hogan, chief market strategist at National Securities in New York.

The Nasdaq notched an intraday record high on Tuesday but all the three main stock indexes finished lower as investors booked profits following a strong run on the back of upbeat economic data over the last few days.

Bolstering hopes of a post-pandemic rebound, analysts said any setback in business activity due to the recent surge in infections would be short term, leaving their long-term forecasts for economic growth unchanged.

Markets also appeared to be in a wait-and-watch mode before the beginning of the second-quarter earnings season, which kicks off next week with reports from the big Wall Street banks.

Quarterly earnings for S&P 500 companies are expected to plunge about 43% year-on-year, according to IBES Refinitiv data.

“Wall Street is looking ahead to 2021 earnings and pretty much ignoring 2020,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

Technology sectors .SPLRCT firmed 1.2%, the most among the 11 major S&P sectors.

At 10:52 a.m. ET, the Dow Jones Industrial Average .DJI was up 121.80 points, or 0.47%, at 26,011.98, the S&P 500 .SPX was up 18.26 points, or 0.58%, at 3,163.58. The Nasdaq Composite .IXIC was up 114.52 points, or 1.11%, at 10,458.41.

Biogen Inc (BIIB.O) jumped 5% after the company said it submitted the marketing application for its experimental Alzheimer’s disease therapy, aducanumab.

Allstate Corp (ALL.N) slipped 3.2% as the U.S. insurer said it would buy National General Holdings Corp (NGHC.O) for about $4 billion, scaling up its auto insurance business. National General shares surged 64.6%.

Levi Strauss & Co (LEVI.N) fell 6.4% as the denim apparel maker cautioned its business would be hit in the second half of the year, even as its sales have been improving at its reopened stores.

Advancing issues outnumbered decliners for a 1.46-to-1 ratio on the NYSE and a 1.40-to-1 ratio on the Nasdaq.

The S&P index recorded 16 new 52-week highs and no new low, while the Nasdaq recorded 78 new highs and 13 new lows.

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Wall Street rises on rebound hopes despite jump in virus cases

(Reuters) – Technology shares boosted Wall Street’s main indexes on Wednesday as early signs of an economic rebound offset fears of another lockdown due to a jump in coronavirus cases across the country.

Safe-haven gold rose more than 1% as the number of confirmed U.S. cases surpassed 3 million, affecting nearly one of every 100 Americans. California, Hawaii, Idaho, Missouri, Montana, Oklahoma and Texas broke their previous daily record highs for new infections.

“We expect the tug of war between better economic data and concerns over rising COVID-19 cases to continue through the month unless we get better daily virus numbers, and/or news on a vaccine,” said Art Hogan, chief market strategist at National Securities in New York.

The Nasdaq notched an intraday record high on Tuesday but all the three main stock indexes finished lower as investors booked profits following a strong run on the back of upbeat economic data over the last few days.

Bolstering hopes of a post-pandemic rebound, analysts said any setback in business activity due to the recent surge in infections would be short term, leaving their long-term forecasts for economic growth unchanged.

Markets also appeared to be in a wait-and-watch mode before the beginning of the second-quarter earnings season, which kicks off next week with reports from the big Wall Street banks.

Quarterly earnings for S&P 500 companies are expected to plunge about 43% year-on-year, according to IBES Refinitiv data.

“Wall Street is looking ahead to 2021 earnings and pretty much ignoring 2020,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

Technology sectors .SPLRCT firmed 1.2%, the most among the 11 major S&P sectors.

At 10:52 a.m. ET, the Dow Jones Industrial Average .DJI was up 121.80 points, or 0.47%, at 26,011.98, the S&P 500 .SPX was up 18.26 points, or 0.58%, at 3,163.58. The Nasdaq Composite .IXIC was up 114.52 points, or 1.11%, at 10,458.41.

Biogen Inc (BIIB.O) jumped 5% after the company said it submitted the marketing application for its experimental Alzheimer’s disease therapy, aducanumab.

Allstate Corp (ALL.N) slipped 3.2% as the U.S. insurer said it would buy National General Holdings Corp (NGHC.O) for about $4 billion, scaling up its auto insurance business. National General shares surged 64.6%.

Levi Strauss & Co (LEVI.N) fell 6.4% as the denim apparel maker cautioned its business would be hit in the second half of the year, even as its sales have been improving at its reopened stores.

Advancing issues outnumbered decliners for a 1.46-to-1 ratio on the NYSE and a 1.40-to-1 ratio on the Nasdaq.

The S&P index recorded 16 new 52-week highs and no new low, while the Nasdaq recorded 78 new highs and 13 new lows.

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Wall Street drops after strong rally as COVID-19 cases mount

(Reuters) – U.S. stocks fell on Tuesday, adding to losses into the close, as investors took profits a day after the S&P 500 logged its longest streak of gains this year and as new U.S. coronavirus cases rose further.

Large parts of the United States reported tens of thousands of new coronavirus infections. New York expanded its travel quarantine for visitors from three more states, while Florida’s greater Miami area rolled back its reopening.

“It’s a little bit of a pullback after a significant five-day move in the market coupled with the normal concerns about the virus and (Cleveland Federal Reserve Bank President Loretta) Mester talking about a long road to recovery,” said Michael Antonelli, market strategist at Baird in Milwaukee.

Mester said during an interview with CNBC that a resurgence in coronavirus cases across the country is making consumers more cautious, and more fiscal stimulus is needed to help the economy recover fully from the crisis.

U.S. stocks have risen recently, with the S&P 500 registering a fifth straight session of gains on Monday, despite rising new coronavirus cases in the United States as a slew of upbeat data for June bolstered views that an economic recovery is under way.

The Nasdaq claimed another record intraday high and held gains for a good part of the session before ending the day lower.

The Dow Jones Industrial Average .DJI fell 396.85 points, or 1.51%, to 25,890.18, the S&P 500 .SPX lost 34.4 points, or 1.08%, to 3,145.32 and the Nasdaq Composite .IXIC dropped 89.76 points, or 0.86%, to 10,343.89.

“It’s healthy to have some pullbacks. Even a more dramatic pullback would be good, just because I think there’s a lot of uncertainty and it’s kind of advanced on a wall of worry here,” said Alan Lancz, president, Alan B. Lancz & Associates Inc, an investment advisory firm, based in Toledo, Ohio.

“There’s probably more profit-taking and volatility in store on the down side after the incredible rebound from the March lows,” he said.

The S&P 500 is still up more than 40% from its March closing low.

Walmart Inc (WMT.N) gained 6.8% after a report that the retailer is close to launching its membership program, a direct competitor for Amazon.com’s (AMZN.O) Prime service. Amazon shares slipped 1.3%.

Novavax Inc (NVAX.O) jumped 31.6% as the U.S. government awarded $1.6 billion to the drugmaker to cover testing, commercialization and manufacturing of a potential coronavirus vaccine in the country.

Earlier Tuesday, the S&P 500 e-minis EScv1 triggered a “golden cross” pattern, when the 50-day moving average crossed above the 200-day moving average, which could portend more gains for stocks in the short term.

Declining issues outnumbered advancing ones on the NYSE by a 2.73-to-1 ratio; on Nasdaq, a 2.63-to-1 ratio favored decliners.

The S&P 500 posted 32 new 52-week highs and no new lows; the Nasdaq Composite recorded 83 new highs and 15 new lows.

Volume on U.S. exchanges was 10.44 billion shares, compared with the 12.58 billion average for the full session over the last 20 trading days.

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Wall Street dips after five-day run on fears over virus surge

(Reuters) – Wall Street’s major indexes slipped on Tuesday following the benchmark S&P 500’s longest streak of gains this year as investors worried about the tens of thousands of new coronavirus cases nationwide.

Florida’s greater Miami area became the latest U.S. coronavirus hot spot to roll back its reopening, while Texas registered an all-time high in the number of people hospitalized at any one moment with COVID-19 for an eighth straight day.

Energy stocks .SPNY dropped 2% on worries over fuel demand while travel-related stocks, which were among the hardest hit during lockdowns, also fell. The S&P 1500 airlines index .SPLCOMAIR shed 4.2%.

The conundrum of growing cases and rising stock prices indicated that the liquidity from monetary stimulus is overriding fears over the immediate impact of coronavirus on the economy, said Ryan Giannotto, director of research at GraniteShares ETFs in New York.

U.S. stocks have climbed despite an alarming rise in coronavirus cases as a surprise expansion in the U.S. service sector and a record job additions in June are among the slate of upbeat data recently that have bolstered views that an economic recovery is underway.

The benchmark S&P 500 and blue-chip Dow Industrials .DJI have risen about 45% from their March lows and are now about 6% and 11% from their record levels hit in February. The Nasdaq .IXIC reclaimed its record high last month.

The S&P 500 e-minis EScv1 triggered a “golden cross” pattern, when the 50-day moving average crosses above the 200-day moving average, which could portend more gains for stocks in the short term.

At 10:00 a.m. ET, the Dow Jones Industrial Average was down 208.12 points, or 0.79%, at 26,078.91, the S&P 500 was down 11.52 points, or 0.36%, at 3,168.20, and the Nasdaq Composite was down 6.22 points, or 0.06%, at 10,427.43.

Gains for technology .SPLRCT and communications services .SPLRCS stocks capped declines on the S&P 500.

Novavax Inc (NVAX.O) jumped 30.6% as the U.S. government awarded $1.6 billion to the drugmaker to cover testing, commercialization and manufacturing of a potential coronavirus vaccine in the United States.

Royal Caribbean Group (RCL.N) and Norwegian Cruise Line Holdings Ltd (NCLH.N) dropped 3.2% and 3.4% each, even as they announced a joint task force to help develop safety standards for restarting their businesses.

Declining issues outnumbered advancers for a 3.77-to-1 ratio on the NYSE and a 2.91-to-1 ratio on the Nasdaq.

The S&P index recorded 13 new 52-week highs and no new low, while the Nasdaq recorded 46 new highs and nine new lows.

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Wall Street headed lower after five-day run on fears over virus surge

(Reuters) – Wall Street’s main indexes looked set to open lower on Tuesday following the benchmark S&P 500’s longest streak of gains this year as investors weighed the risks to the economy from tens of thousands of new coronavirus cases nationwide.

Florida’s greater Miami area became the latest U.S. coronavirus hot spot to roll back its reopening while Texas registered an all-time high in the number of people hospitalized at any one moment with COVID-19 for the eight straight day.

Energy stocks including Occidental Petroleum Corp (OXY.N) and Concho Resources (CXO.N) dropped about 2% on worries over fuel demand. [O/R]

It looks like it will be a slight retracement of Monday and Thursday’s impressive gains, said Ryan Giannotto, director of research at GraniteShares ETFs in New York.

U.S. stocks have climbed despite an alarming rise in coronavirus cases as a surprise expansion in the U.S. service sector and a record job additions in June are among the slate of upbeat data recently that have bolstered views that an economic recovery is underway.

The benchmark S&P 500 .SPX and Nasdaq wrapped up five straight sessions of gains on Monday, with the latter closing at a record level.

The conundrum of growing cases and rising stock prices indicates that the liquidity from monetary stimulus is overriding fears over the immediate impact of coronavirus on the economy, Giannotto said.

At 8:10 a.m. ET, Dow e-minis 1YMcv1 were down 205 points, or 0.78%. S&P 500 e-minis EScv1 were down 20.5 points, or 0.65% and Nasdaq 100 e-minis NQcv1 were down 33 points, or 0.31%.

Novavax Inc (NVAX.O) jumped 33.8% as the U.S. government awarded $1.6 billion to the drugmaker to cover testing, commercialization and manufacturing of a potential coronavirus vaccine in the United States.

Travel-related stocks, which were among the hardest hit during lockdowns, fell. United Airlines Holdings Inc (UAL.O) and American Airlines Group Inc (AAL.O) were down 2.6% and 2.3%, respectively.

Royal Caribbean Group (RCL.N) and Norwegian Cruise Line Holdings Ltd (NCLH.N) also dropped about 1% each, even as they announced a joint task force to help develop safety standards for restarting their businesses.

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European stocks ease from one-month highs as rebound hopes dim

(Reuters) – European shares fell on Tuesday as surging U.S. coronavirus cases and forecasts for a deeper-than-feared recession in the euro zone dimmed optimism around a post-pandemic rebound.

The pan-European STOXX 600 index slipped 1%, falling back from a near one-month high.

Banks .SX7P, which had surged 4% in the previous session tracking a global rally after China moved to prop up its market, fell 1.3%. Travel and leisure .SXTP, real estate .SX86P, and technology .SX8P shares dropped more than 1.5% each.

German drugs and pesticides maker Bayer (BAYGn.DE) slumped 6.9% on news that a U.S. judge questioned a long-negotiated settlement of lawsuits claiming its widely used weedkiller, Roundup, caused cancer.

The European Commission said the 19 nation single currency area would contract by a record 8.7% this year before rising by 6.1% in 2021. In early May, the Commission had forecast a downturn of 7.7% this year and a rebound in 2021 of 6.3%.

“We are taking a more cautious stance because a lot of the assumptions are increasingly priced in as certainties. That is something that worries,” said George Efstathopoulos, a portfolio manager at Fidelity Investments.

“A lot of the improving data are in response to the removal of physical constraints. They don’t really tell us anything about consumption hugely affected by unemployment numbers.”

Several U.S. states posted record daily coronavirus case counts this month, prompting many to reverse reopening plans as U.S. death toll topped 130,000.

French catering and food services group Sodexo (EXHO.PA) dropped 6.9% as it forecast fourth-quarter and half-year sales to fall harder than previously expected due to the impact of the coronavirus pandemic.

Heidelbergcement (HEIG.DE) slipped 1% after the company said a review of its assets had forced it to book an impairment of 3.2 billion euros due to the fallout of the pandemic.

British online fashion retailer Boohoo (BOOH.L) slumped 14.1%, extending losses following a report about dire working conditions in one English factory.

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Wall Street rises on strong services sector, hopes of China recovery

(Reuters) – Wall Street’s major indexes were up more than 1% on Monday as data showing unexpected growth in the U.S. services sector last month and a revival in China’s economy boosted optimism, helping investors look past a surge in new coronavirus cases at home.

The ISM’s non-manufacturing activity index jumped to 57.1 in June, almost returning to pre-pandemic levels, but a recent surge in COVID-19 cases in the United States has threatened the emerging recovery.

“These numbers are important, and it helps to explain the increase in consumer confidence,” said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

Investors also bet on an improving Chinese economy and its impact on the global growth as the yuan led commodity currencies higher against the dollar. Earlier, Chinese stocks jumped more than 5%.

A slew of upbeat U.S. data, including a record rise in monthly payrolls, has powered the Nasdaq to all-time highs and has helped the S&P 500 and the Dow shed much of their losses. The S&P 500 is roughly 6% below its February peak, while the Dow is about 11% below its record high from that month.

The S&P 500 rose for the fifth day, undeterred by a record surge in new COVID-19 cases in 16 states in the United States this month that could further hamper reopening plans and poses a big risk to the economic recovery.

The Dow Jones Industrial Average rose 368 points, or 1.42%, to 26,195.36, the S&P 500 gained 41.93 points, or 1.34%, to 3,171.94 and the Nasdaq Composite added 197.03 points, or 1.93%, to 10,404.66.

Over the Independence Day weekend, several states reported a record increase in new infections, with Florida surpassing the highest daily tally reported by any European country during the peak of the outbreak there.

Online retail giant Amazon.com crossed $3,000 for the first time and was the top support to the benchmark index and the Nasdaq.

Tesla Inc were up about 10%, rising for the fifth session as JPMorgan bumped up its price target for the electric carmaker’s stock following better-than-expected quarterly deliveries.

Uber Technologies Inc climbed 5.1% after the ride-sharing company agreed to buy food-delivery app Postmates Inc in a $2.65-billion all-stock deal.

Advancing issues outnumbered declining ones on the NYSE by a 2.21-to-1 ratio; on Nasdaq, a 1.74-to-1 ratio favored advancers.

The S&P 500 posted 38 new 52-week highs and no new lows; the Nasdaq Composite recorded 145 new highs and 14 new lows.

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