U.S. stocks close higher on Monday on boost from solar companies

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U.S. stocks closed higher on Monday but pared earlier gains as solar companies climbed after the Biden administration announced a two-year tariff exemption for solar imports from four Southeast Asian countries. .

The Dow Jones Industrial Average edged up to 32,915.78, the S&P 500 rose 0.3% to 4,121.43 and the Nasdaq Composite rose 0.4% to 12,061.37. Consumer discretionary, services and communication materials led the gains while real estate and energy were the only sectors to post losses.

The US 10-year rate rose 9.2 basis points to 3.05%.

West Texas Intermediate crude oil futures fell $0.03 to $118.90 a barrel.

Solar stocks climbed on Monday, with Shoals Technologies Group (SHLS) up more than 21%, Array Technologies (ARRY) up 18% and Sunrun (RUN) up nearly 6%. President Joe Biden has declared an emergency to address the insufficient supply of solar cells and modules, allowing duty-free access to the U.S. solar market through Cambodia, Malaysia, Thailand and Vietnam, the White House said .

Shares of Amazon.com (AMZN) gained 2% after the online retailer’s 20-1 stock split went into effect Monday. The company announced the split in March, which will give investors an additional 19 shares for every share they own.

Chinese regulators are set to restore the DiDi Global (DIDI) app as early as this week after an investigation concluded, The Wall Street Journal reported on Monday, citing unnamed sources. Regulators would also allow the app to start adding new users. The app was removed from app stores in July 2021 after a data security investigation was launched on national security grounds. US-listed shares of DiDi Global closed nearly 24% higher.

JD.com Inc. (JD) and Pinduoduo Inc. (PDD) were the top gainers on the Nasdaq 100, with gains of 6.5% and 5.6%, respectively. Baidu (BIDU) also rose 2.5%.

Although no major economic data was released on Monday, the Bureau of Labor Statistics said on Friday that U.S. payrolls rose more than expected in May while the jobless rate was flat, adding to signs that the world’s largest economy remains healthy even as the Federal Reserve continues to hike interest rates.

Gold fell $5.70 to $1,844.50 per troy ounce and silver rose $0.19 to $22.10 per ounce. Among energy ETFs, the United States Oil Fund was down 1.2% at $88.39 and the United States Natural Gas Fund was up 9.6% at $31.73.

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