US shares cruised to a good finish on Monday as energy stocks were boosted as the oil price firmed and banks did well but the tech heavy Nasdaq lost ground.
It was a truncated session ahead of the July 4 holiday tomorrow (Tuesday), which saw Wall Street markets close at 1pm.
The Dow Jones closed up 129 at 21,479, the S&P 500 added 5.6 to 2,429.
The tech heavy Nasdaq shed 30 at 6,,10.
In Toronto, the Dow Jones lost over 31 points at 15,182.
Tesla's Model 3 has passed all regulatory requirements, Elon Musk says https://t.co/V3xHeJeuXe pic.twitter.com/FVXUnc6suz
— Bloomberg (@business) 3 July 2017
US crude added 1.65% to $46.80 a barrel, which boosted the likes of oil services group Baker Hughes, which was up almost 6% at $57.68.
On the downside, on the Nasdaq index, the Nvidia Group (NASDAQ: NVDA) lost 3.62% to $139.33. Having been higher earlier, Tesla (NASDAQ:TSLA) shares shed 2.49% to $352.62 on the day.
Banks continued a recent rally as bond yields and interest rates increased further. The word on the street is there will be one more interest rate hike this year.
JPMorgan Chase (NYSE:JPM) added over 2% to $92.75, while Morgan Stanley (NYSE:MS) gained almost 2.4% to $45.61.
Tesla shares gained earlier but fell over 2.4% at the close at $352.62 after Bernstein, the broker, was not so bullish on the shares, despite the buzz around the new Model 3.
The broker, having looked at some of Elon Musk's productions aims on his tweets, repeated a 'market perform' rating and price target of $250, a 31% decrease from Friday's close.
10.10am - US manufacturing growth slows last month
US manufacturing activity growth slowed in June due to weaker rates of output and new business. The Markit PMI for US manufacturing fell to 52.0 in June form 52.7 in May, revised down from a previous estimate of 52.1.
Analysts had expected no change to the reading
OPEN
US shares shot out of the box ahead of the July 4 holiday tomorrow and amid a slew of data.
The benchmark Dow Jones shot up 133 points, while the S&P 500 added over 13 and the Nasdaq gained 27 to 6,168.
In London, the FTSE 100 is up 36 points and US crude is making a comeback , up 1.19% to stand at $46.59 a barrel.
Wall Street higher as banks lead broad rally https://t.co/fIOZ34lwyL pic.twitter.com/I7mNerUTjm
— Yahoo Finance (@YahooFinance) 3 July 2017
The New York Stock Exchange will end trading at 1 pm. Eastern on Monday and will be closed tomorrow (Tuesday).
In US car sales for June last month, the stats were nit encouraging. General Motors Co (NYSE:GM.) revealed in a report that sales fell 5% to 243,155 vehicles, while Ford Motor Co (NYSE:F.) said sales of cars were down 5.1% compared with June in 2016.
Banking behemoth Goldman Sachs (NYSE:GS.) saw shares gain over 1% to $224.36 as it emerged it was reviewing the performance of its commodities business, according to a Bloomberg report, following a poor performance in the first half of this year.
In London, GlaxoSmithKline (LON:GSK) inked a new $43 million deal with privately held artificial intelligence company Exscientia. The two plan to use AI ( articficial intelligence) technology to speed up the drug discovery process. Shares eased 0.46%.
AK Steel (NYSE:AKS) saw shares lose 2.05% to $6.43 as it was revealed that the firm was buying Precision Partners Holding Co. for $360mln in cash.
Bankrate Inc (NYSE:RATE) added almost 9% to $14 as it emerged the provider of personal finance information such as mortgage rates is being acquired by digital marketing company Red Ventures for $14 per share in cash, or about $1.4bn.