U.S. stocks overcame another sell-off in Chinese stocks Monday to close the day with slight gains.
Unlike February’s plunge in Chinese markets, the sell-off of the last few days has yet to affect U.S. markets, which have twice ended the day with modest gains after initially following Shanghai markets lower.
The S&P 500 recorded its fourth consecutive record close Monday, spurred once again by optimism over mergers and acquisitions. Weaker than expected factory orders also failed to dampen investors’ spirits.
Solectronsoared on news that it will be acquired by Flextronics, and Palmjumped on news of a 25% private equity stake. Avayarose once again on reports that it’s nearing a buyout deal, and Cadencealso gained on takeover reports.
Applehit a new all-time high on news that its iPhone will launch June 29.
Crayfell after lowering sales guidance.
UTStarcomfell after the company said it plans to remain independent.
The Nasdaq rose 4 to 2618, the S&P 500 gained 3 to 1539, and the Dow added 8 to 13,676. Volume declined to 2.71 billion shares on the NYSE, but rose to 1.95 billion on the Nasdaq. Advancing issues led by an 18-13 margin on the NYSE, and 15-14 on the Nasdaq. Upside volume was 58% on the NYSE, and 56% on the Nasdaq. New highs-new lows were 348-29 on the NYSE, and 197-40 on the Nasdaq.