More All-Time Highs as Q2 Ends
Stocks rose on Monday as traders hoped to close out a stunning month with even more record highs.
The Dow Jones Industrials catapulted 275.5 points to 44,094.73
The S&P 500 advanced 31.88 points to 6,204.95, building on the record highs set in the previous session
The NASDAQ Composite raced 96.28 points to 20,369.73, also a new record high.
Monday marks the last day of June, a month in which the major averages have staged a sharp recovery back to record levels. The S&P 500 was up more than 5% this month, while the tech-heavy NASDAQ jumped more than 6%. The Dow, meanwhile, added about 4% month to date.
Prior to the S&P 500 and NASDAQ hitting all-time highs Friday, global trade and tariff tensions rocked the market, putting the broad market index within striking distance of a bear market in early April.
It’s now on pace to finish the quarter with solid gains, along with the other two leading indexes. The S&P 500 has surged more than 10% quarter to date, while the NASDAQ vaulted more than 17% and the Dow was ahead more than 5%, in the period.
Monday’s advance follows Canada rescinding its digital service tax in an effort to facilitate trade negotiations with the U.S. That’s after President Donald Trump on Friday said the U.S. was “terminating ALL discussions on Trade with Canada.”
Initial payments on the tax were set to begin Monday and would have applied to companies such as Google, Meta and Amazon.
Investors are awaiting the announcement of any trade deals between the U.S. and its trading partners, as Trump’s 90-day tariff reprieve is set to expire on July 9.
Investors will also be keeping an eye on whether the Senate will be able to pass President Donald Trump’s “one, big, beautiful” bill.
If passed by the Senate, the package — which narrowly passed a key procedural vote in the Senate on Saturday night — faces an uncertain path in the House, where some GOP lawmakers have balked at revisions in the latest version of the bill.
Prices for the 10-year treasury were higher, dropping yields to 4.23% from Friday’s 4.27%. Treasury prices and yields move in opposite directions.
Oil prices faded 53 cents to $64.99 U.S. a barrel.
Gold prices climbed $33.60 to $3,321.60 U.S. an ounce.
