Dow Jones (DJIA) Futures Rise 145 Points to New Record High as Tech, Finance Rally

The Dow Jones Industrial Average traded higher Monday, as capital flowed back into tech stocks following a tumultuous week.

The blue-chip index rose 144.71 points, or 0.7%, on route to a new record of 21,528.99. The Dow opened firmly higher and built on early gains throughout the session.

Technology heavyweight Apple Inc. (NASDAQ: AAPL) led the rally, climbing 2.9%. Financial juggernauts Goldman Sachs Group Inc. (NYSE: GS) and JPMorgan Chase & Co (NYSE: JPM) rose 2.2% and 2%, respectively.

A slew of other companies finished with gains of 1% or more, including Nike Inc. (NYSE: NKE), The Home Depot Inc. (NYSE: HD) and Boeing Co (NYSE: BA).

On the opposite side of the ledger were insurer Travelers Cos (NYSE: TRV) and energy giants Chevron Corp (NYSE: CVX) and Exxon Mobil Corp (NYSE: XOM), which fell at least 0.8%.

Large-cap technology shares not part of the Dow Jones index also traded higher, including Facebook (NASDAQ: FB), Amazon (NASDAQ: AMZN) and Google-parent Alphabet (NASDAQ: GOOGL).

The broader S&P 500 Index also rose to new records, adding 0.8% to 2,453.46. The Nasdaq Composite Index surged 1.4% to close at 6,239.01.

In global markets, European stocks finished firmly to the upside after French President Emmenauel Macron’s party secured a majority in parliamentary elections over the weekend.

The Stoxx Europe 600 Index advanced 0.9% for its biggest percentage gain in nearly two months. France’s CAC 40 Index gained 0.9%. Germany’s DAX rose 1.1% and the U.K.’s FTSE Index tacked on 1.1%.

The British pound declined as the U.K. and European Union (EU) began Brexit negotiations. One of the biggest disagreements on day one focused on the legal rationale for the €100 billion gross settlement EU member-states are demanding from the U.K. Talks will continue for the next two years to arrive at a new trade agreement between the U.K. and EU.

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Sam Bourgi is a financial market analyst for economiccalendar.com. He has more than six years of progressive experience in economic and financial analysis, research consulting and sectoral analysis. As a published author in government, peer-reviewed, online and industry sources, he has developed a fundamental approach to the financial markets with a broad focus on stock indices, commodities and the technology sector. He earned his Bachelor’s Degree from the University of Windsor and Master’s degree from McMaster University.