NEW YORK - The Dow jumped 1%, the S&P 500 inched up and the Nasdaq closed lower on Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a US fiscal support Bill.
Bets on a potential coronavirus vaccine, historic fiscal and monetary support, and more recently, a better-than-expected second-quarter earnings season have brought the S&P 500 close to its February record closing high. US Treasury Secretary Steven Mnuchin, in an interview with CNBC on Monday, said the Trump administration and Congress could reach an agreement as soon as this week if Democrats are"reasonable."
Microsoft Corp fell 2% as sources said its bid to carve out parts of TikTok from its Chinese owner ByteDance will be a technically complex endeavour.
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