NEW YORK -- U.S. stocks rose Monday as technology companies such as Apple continued to rally. Investors bought stocks and sold bonds and gold after Congress agreed to a deal that will keep the government operating for the rest of the fiscal year.
The Standard & Poor's 500 index rose 4.13 points, or 0.2 percent, to 2,388.33. The Dow Jones industrial average fell 27.05 points, or 0.1 percent, to 20,913.46 as Boeing and IBM shares lagged.
Gains by technology companies pushed the Nasdaq composite up 44 points, or 0.7 percent, to 6,091.60, setting another record high. The Russell 2000 index of small-company stocks gained 6.93 points, or 0.5 percent, to 1,407.36.
Technology companies have set the pace all year and are up more than twice as much as the rest of the market. Apple and Facebook, which will report their first-quarter results in the next few days, helped lead the way.
Before dawn on Monday, Congress unveiled a spending bill that would fund most government operations through September. The House is currently scheduled to vote on the bill Wednesday.
Technology companies and banks have stood out in the first quarter, said David Schiegoleit, the head of investments at U.S. Bank's Private Client Reserve. He said many different types of technology companies are doing well, especially ones that cater to consumers. A key reason is that after years of trouble, economies outside the U.S. are improving.
"Emerging market economies are starting to get better momentum, and we're also starting to see some pretty decent activity out of Europe," Schiegoleit said.
Analysts expect first-quarter earnings for technology companies and banks to rise 19 percent from the same period a year earlier, according to S&P Global Market Intelligence. While most banks have already released their results, there are dozens of technology companies remaining to report.
Apple shares climbed $2.95, or 2.1 percent, to $146.60 and Facebook rose $2.21, or 1.5 percent, to $152.46. Microsoft, which disclosed its earnings last week, rose 95 cents, or 1.4 percent, to $69.41.
Consumer-focused companies also rose, as online retailer Amazon.com picked up $23.44, or 2.5 percent, to $948.43.
With investors reassured, they sold bonds. The yield on the 10-year Treasury note rose to 2.32 percent from 2.29 percent. That sent interest rates higher, which allows banks to charge higher interest rates on loans. Shares of Capital One Financial rose $1.19, or 1.5 percent, at $81.57 and Citizens Financial rose 56 cents, or 1.5 percent, to $37.13.
Investors also sold high-dividend stocks including utilities, phone companies and makers of household goods.
Benchmark U.S. crude fell 49 cents, or 1 percent, to $48.84 a barrel in New York. Brent crude, used to price international oils, declined 53 cents, or 1 percent, to $51.52 a barrel in London.
The price of gold fell $12.80, or 1 percent, to $1,255.50 an ounce. Silver fell 42 cents, or 2.4 percent, to $16.84 an ounce. Copper rose 5 cents, or 2 percent, to $2.66 a pound.
Business on 05/02/2017