U.S. stocks followed overseas markets higher and extended their Friday gains to boost the S&P 500 to a new high, with Boeing (BA) and Tesla (TSLA) among the day's big winners.
The Nasdaq climbed above 5000 intraday before settling for a 0.6% gain to close just below the level. The Dow Jones industrial average rose 0.4% to its highest close since May 2015, while the S&P 500 added 0.3%. Volume was slightly lower across the board vs. Friday, according to preliminary figures. Winners topped losers by more than 2-to-1 on the NYSE and Nasdaq.
Boeing lifted 1.5%, rising above its 50-day moving average and nearly retaking its 200-day line, amid news that Qatar Airways is in talks with the jet maker to buy up to 30 narrowbody planes.
Generic drugmakers, automakers and steel stocks were among the day's top gainers in the stock market today, while oil and food issues lagged. Oil drillers underperformed as West Texas intermediate crude slid more than 2% to well below $45 a barrel.
Sagent Pharmaceuticals (SGNT) gapped up and vaulted 40% to a 11-month high in huge turnover. Japan's Nicho-Iko said it will pay $21.75 a share in cash for the generic drug maker, whose products include injectable anti-infection and oncolytic treatments. The deal is valued at $736 million.
Lannett (LCI) jumped 13% in active trade after announcing FDA approval for its generic version of GlaxoSmithKline's (GSK) antidepressant, Paxil.
Tesla, up 4%, cruised back above its 50-day line as it continues working on a base with a potential buy point at 269.44. CEO Elon Musk on Sunday tweeted that he hopes to release a 'top secret masterplan part 2" this week.
Japan led overseas as the Nikkei soared 4%. Nintendo's American depositary receipts (NTDOY) gapped up and surged 34% to a five-year high in massive trade amid reports of strong demand for its "Pokemon Go" hit mobile game. The new game can be played on the Apple (AAPL) iPhone and other iOS devices, as well as Google Android-based mobile devices.
Sony's (SNE) ADRs gained 2% to a 52-week high in above-average volume.
Economic reports on tap Tuesday include the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) and wholesale trade, both for May, and the NFIB Small Business Optimism Index for June. Fed chiefs James Bullard, Neel Kashkari, Loretta Mester are also scheduled to speak.
