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U.S. stocks add to all-time high with more gains on Monday
U.S. stocks rising Monday to add to their all-time highs.
The S&P 500 was up 0.8% in afternoon trading and building on its record set on Friday. The Dow Jones Industrial Average came back from an early loss to rise 225 points and add 0.5% to its own record, as of 2:35 p.m. ET, while the Nasdaq composite was up 1%.
The U.S. bond market remained closed for the day because of the Monday holiday.
Stocks have broadly rallied to records on relief that interest rates are finally heading back down, now that the Federal Reserve has widened its focus to include keeping the economy humming instead of just fighting high inflation. Recent reports showing the U.S. economy remains stronger than expected have also raised optimism that the Fed can pull off a perfect landing where it gets inflation down to 2% without causing a recession that many had thought would be necessary.
SoFi Technologies rose 11.1% after announcing a $2 billion loan platform agreement with investment firm Fortress Investment Group, where SoFi will refer pre-qualified borrowers.
Longboard Pharmaceuticals soared 51.2% after H. Lundbeck, a Danish company, said it would buy the biopharmaceutical company in an all-cash deal valuing it at $2.6 billion.
On the losing side of Wall Street was, Boeing lost 1% in its first trading since the aerospace giant warned that it expects to report that it burned through $1.3 billion in cash during the latest quarter and lost $9.97 per share. Boeing also said it was laying off 10% of its workforce as it tries to deal with a strike that is crippling production of the company’s best-selling airline planes.
Bank of America, Johnson and Johnson and UnitedHealth Group will all report their latest results on Tuesday. Later in the week will come United Airlines, Netflix, American Express and Procter & Gamble.
Solid, continued growth in profits for companies would help tamp down criticism that’s built up about how expensive the broad stock market looks, after share prices ran higher faster than earnings.
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AP Business Writer Elaine Kurtenbach contributed.
There were no injuries after a Southwest flight carrying passengers was struck by gunfire on the tarmac of Dallas Love Field Friday night, authorities said.
Southwest Airlines Flight 2494 was preparing for departure to Indianapolis when “a bullet apparently struck the right side of the aircraft under the flight deck,” a Southwest spokesperson told CBS News in a statement.
The airline said no one was hurt. A spokesperson for Dallas Love Field said in an email that the aircraft returned to its gate after sustaining damage from a “security incident” and the passengers deplaned. The runway was also temporarily closed, but has since reopened.
Dallas police confirmed the incident, saying that officers responded to reports of gunfire at 9:48 p.m. local time, arriving to find that the aircraft had been struck.
No further details were provided on the circumstances of the incident or what was the potential source of the gunfire. It’s unclear how many people were aboard the jet at the time, or how much damage the aircraft sustained.
In its own statement provided to CBS News, the Federal Aviation Administration said that the plane “was reportedly struck by gunfire near the cockpit.”
Dallas police are leading the investigation into the incident.
Earlier this week, gunfire amid ongoing gang violence struck three planes that were either landing or departing Haiti’s capital of Port-au-Prince. The shootings prompted the FAA to issue a 30-day ban on U.S. airlines flying to Haiti.
Social media star Jake Paul defeated boxing legend Mike Tyson in a highly anticipated fight with an age difference of over three decades between the two contenders. The Friday night win for the YouTuber-turned-pro-boxer was streamed on Netflix from the home of the Dallas Cowboys in Texas.
Paul defeated Tyson by an unanimous decision after the two fighters went eight full rounds.
Fight night for the 58-year-old Tyson and 27-year-old Paul came following doubts over whether it would happen at all. The fight was originally scheduled for July, but was postponed after the former heavyweight champion experienced an ulcer flare-up on a plane in May.
A different kind of flare-up happened during the official weigh-in Thursday with Tyson slapping Paul in the face. Tyson later told the New York Post that Paul had stepped on his toe when the two were toe to toe onstage.
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What is Jake Paul’s fight record?
With the win, Paul’s record improved to 11-1.
Was Jake Paul predicted to win?
Oddsmakers had Paul as the slight favorite to win. Former heavyweight champ Anthony Joshua also went with Paul.
How much prize money does Jake Paul win?
Paul was expected to earn about $40 million from the fight, according to DraftKings Network and other online sources.
Promoters didn’t reveal the payouts ahead of the bout. Paul is a co-founder of Most Valuable Promotions, which produced the fight.
Does Mike Tyson still get paid?
Tyson was expected to take home around $20 million for the fight, according to DraftKings and other online reports.
Tyson entered professional boxing in 1985 and became the youngest heavyweight champion in history a year later. After serving time for a rape conviction in the 1990s, Tyson won the World Boxing Council and World Boxing Association titles.
He retired from boxing in 2005 and was inducted into the International Boxing Hall of Fame in 2011. He last fought in a 2020 exhibition match against former four-division world champ Roy Jones Jr.
“He like put on another 20 pounds from when I fought him, so he’s more bigger and he’s more dangerous because more size, more power, so it’s going to be a tough one for Jake to climb,” Jones told CBS News ahead of the fight.
Anne Marie Lee and
contributed to this report.
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