It was a relatively quiet day in the headlines, but equities continued to march upward following last week’s gains. L Brands is reportedly nearing a deal to sell its Victoria’s Secret unit. Simon Property Group agreed to acquire 80% of Taubman Centers and Xerox raised its bid for HP. Restaurant Brands’ adjusted earnings topped forecasts and it raised its dividend. Treasury yields fell on the day. Crude oil prices were lower, while gold and the U.S. dollar were higher. Global equities finished mixed.
The Dow Jones Industrial Average added 174 points (0.6%) to 29,277, the S&P 500 rose 24 points (0.7%) to 3,352 and the NASDAQ rose 108 points (1.1%) to 9,628. 847 million shares were traded on the NYSE and 2.2 billion shares changed hands on the NASDAQ. WTI oil was down $0.75 to $49.57 per barrel and wholesale gasoline was flat at $1.52 per gallon. Elsewhere, the Bloomberg gold spot price was up $6.10 to $1,579.50 per ounce. The Dollar Index—a comparison of the U.S. dollar to six major world currencies—rose 0.2% to 98.85.
Treasuries were higher, with the yield on the 2-year note down 2 basis points (bps) at 1.38%, the yield on the 10-year note shed a bit more than 2 bps to 1.56% and the 30-year bond yield decreased just under 2 bps to 2.03%.
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