S&P 500 hits record high despite slim gains
The S&P 500 managed to close at a record high Monday, boosted by gains in Bank of America and Apple.
The benchmark index finished the day at a record close of 1,617.51. Earlier, it climbed as high 1,619.77. The Nasdaq gained 0.4%, and closed at its highest level since November 2000.
The Dow Jones industrial average closed the day slightly lower, pulling back from its record high last week.
Here are five things to note about the day's trading:
1. New milestones: The S&P 500 crossed 1,600 for the first time last week, propelled higher by a better-than-expected April jobs report.
While the Dow hit an all-time high above 15,000 last week, it has yet to close beyond the psychologically important level due to slowing momentum on Wall Street.
"I think investors got a little lift in their step from Friday's jobs report," said Mark Luschini, chief investment strategist for Janney Montgomery Scott. "[But] this week, we're almost absent anything newsworthy."
2. Bank of America, MBIA soar on settlement: Bank of America jumped 5%, while bond insurer MBIA spiked 45% following reports that the two have reached a settlement over a long-running dispute over who would be on the hook for faulty mortgage securities issued during the U.S. housing boom.
The Wall Street Journal reported that MBIA would receive $1.6 billion in cash from Bank of America and a $600 million line of credit as part of a settlement.
BofA was the Dow's best performer and was second best in the S&P 500.
3. Apple, Cliffs up on analyst upgrades: Shares of Apple were on the rise Monday, making the stock among the biggest gainers in the Nasdaq-100. Apple was in favor after Barclays raised its share price target to $525 from $465. Shares are now up almost 20% from their 18-month low hit last month.
Shares of Cliffs Natural Resources rallied after FBR boosted the stock's rating to outperform. The stock was the top performer in the S&P 500.
4. Tyson Foods suffers sales slowdown: Tyson Foods missed profit and revenue forecasts, citing a slowdown in chicken and beef sales following last year's historic drought. Shares declined sharply.
5. Yen keeps falling: The yen continued to slide Monday, nearing ¥100 per U.S. dollar. The Japanese currency has dropped nearly 15% this year as the Bank of Japan aims to pull Japan out of the deflationary spiral it has been in for nearly two decades.
Japan's new economic plan, dubbed "Abenomics" after Japanese Prime Minster Shinzo Abe, combines massive fiscal stimulus with aggressive monetary easing.
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