US stocks extend gains for second day
US stocks closed higher for the second session on Monday, with the Dow Jones rising more than 250 points and both the S&P 500 and the Nasdaq up by over 0.5 percent after opening about 1 percent lower.
Energy shares were among the top performers as crude prices hovered around the $120-per-barrel-level, while Exxon was up by over 3 percent on the back of an upgrade from Evercore ISI.
The tech sector was also higher, as gains from Microsoft and Apple more than offset losses in Amazon.
Meanwhile, retailer Kohl’s climbed nearly 9 percent on a potential takeover bid from Franchise Group.
On the other hand, consumer discretionary stocks led losses following a second profit warning from Target and concerns that central banks could act too aggressively as they seek to tame runaway inflation.
Target tumbled nearly 3 percent after issuing another warning about weak guidance as it will implement additional markdowns to products and cancel some orders, sparking concerns about a slowdown in the US consumer-led economic growth.
This report’s information was first seen on TradingEconomics; to read more, click this link.
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