The Dow Jones Industrial Average was set to close above 52,000 for the first time on Monday, the same day Google $GOOGL parent Alphabet joined the 30-stock index. Alphabet stock gained more than 4% on its first day as a Dow component.
Alphabet stock climbed more than 4% on its debut as a Dow component, while the S&P 500 and Nasdaq looked to snap five-session losing streaks
Justin Sullivan / Getty Images
The Dow Jones Industrial Average was set to close above 52,000 for the first time on Monday, the same day Google $GOOGL parent Alphabet joined the 30-stock index. Alphabet stock gained more than 4% on its first day as a Dow component.
The Dow was up up about 244 points in mid-afternoon trading, or 0.47%, at 52,120. The S&P 500 rose 0.86% and the Nasdaq $NDAQ advanced 1.49%, with both indexes poised to break five-session losing streaks.
Shares of Comcast $CMCSA surged roughly 7% after the cable and entertainment giant announced plans to split into two separately listed public companies, dividing its media and technology operations. The breakup is slated to take approximately one year to complete.
Markets also reacted to a pause in hostilities between the U.S. and Iran. After a weekend of military strikes between the two nations raised fears of broader conflict, Washington and Tehran reached an agreement to halt fighting and reopen the Strait of Hormuz to commercial shipping.
Oil prices moved higher as traders assessed whether the truce would hold. Brent crude rose to above $74 a barrel and West Texas Intermediate futures advanced to $71.
A ruling from the Supreme Court shot down the effort by President Donald Trump to oust Federal Reserve governor Lisa Cook through an expedited legal process. Bond markets showed little reaction, with Treasury yields holding steady — an outcome traders had largely anticipated given how closely they have watched the case as a test of the central bank's autonomy.
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