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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.
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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.
