Stock market today: Dow closes above 52,000 for first time, S&P 500 and Nasdaq rally as tech gains
US stocks climbed on Monday, with the Dow Jones Industrial Average (^DJI) closing above 52,000 for the first time as Alphabet (GOOG, GOOGL) shares and other tech stocks advanced.
The tech-heavy Nasdaq Composite (^IXIC) rose 2%, while the S&P 500 (^GSPC) moved up 1.2%, after both indexes closed out last week with sharp losses. The Dow put on roughly 0.6% to close at a record.
Alphabet, which joined the blue chip index on Monday, rose more than 4%.
Stocks climbed after a long-awaited Supreme Court decision held that Federal Reserve governor Lisa Cook would remain in her job for now, rejecting the Trump administration’s attempts to fire her. The court expanded the president’s authority to fire officials at other independent agencies, but notably carved out an exception for Fed independence.
Meanwhile, easing US-Iran tensions helped lift markets after the two sides reportedly agreed to stop tit-for-tat attacks that broke out over the weekend.
President Trump warned of further military action while also announcing on Monday that the two nations will meet in Doha, Qatar, on Tuesday for renewed talks. Oil prices moved higher in the early morning, but pared gains as investors assessed the risk of further disruptions to crude supplies.
Brent (BZ=F) crude futures were up 1.4% to $73 a barrel, while US West Texas Intermediate (CL=F) futures gained 1.7% to trade above $70.
The highlight of the coming week will be the June jobs report on Thursday. The monthly nonfarm-payrolls update, seen as crucial to the Federal Reserve’s policy thinking, is due for release on Thursday, not Friday as usual. Markets will close for trading on Friday to mark the Fourth of July holiday on Saturday.
