Tech Companies Lead Stocks Higher After Rocky Start

NEW YORK (AP) -

U.S. stocks closed higher Monday after a last-minute market rally erased the losses from a daylong slump.

Technology companies led the market rebound. Banks and health care stocks also notched gains. Energy took the biggest losses as crude oil prices declined. Big department store chains and consumer goods companies also declined.

The stock market, which was coming off two weekly losses in a row, was in the red for most of the day following disappointing economic data out of Asia that left global indexes sharply lower.

Trading volume was lighter than usual ahead of Tuesday, when U.S. markets are scheduled to close early for the Independence Day holiday the following day.

The S&P 500 index rose 8.34 points, or 0.3 percent, to 2,726.71. The Dow Jones Industrial Average gained 35.77 points, or 0.2 percent, to 24,307.18. The Nasdaq composite jumped 57.38 points, or 0.8 percent, to 7,567.69. The Russell 2000 index of smaller-company stocks picked up 12.02 points, or 0.7 percent, to 1,655.09.

A slump in global markets weighed on U.S. stocks on Monday, after economic reports out of China and Japan disappointed traders. A German government crisis also weighed on markets in Europe, which closed lower.

U.S. stocks gradually pared their losses as the day went on, led by gains in technology stocks.

Investors continued to focus on global trade tensions. The European Union warned the Trump administration Monday that it might slap tariffs on $300 billion of U.S. exports in retaliation for Trump’s threatened tariffs on European cars. On Sunday, Canada started imposing tariffs on billions of dollars of U.S. goods in response to the Trump administration’s duties on Canadian steel and aluminum.

Technology companies led the market rebound. Micron Technology led the sector, gaining 3.9 percent to $54.48.

Wynn Resorts sank 7.9 percent to $154.14 after June revenue growth at the casino operator’s resorts in Macau fell well short of expectations.

Shares in several department store chains declined. Nordstrom fell 2.1 percent to $50.71, while Macy’s lost 2.4 percent to $36.54. Kohl’s gave up 2.2 percent to $71.33.

Bond prices fell. The yield on the 10-year Treasury rose to 2.87 percent from 2.86 percent late Friday.

Benchmark U.S. crude fell 21 cents to settle at $73.94 a barrel in New York. Brent crude, used to price international oils, lost $1.93, or 2.4 percent, to close at $77.30 in London. The decline in oil prices weighed on energy stocks. Cimarex Energy lost 4 percent to $97.66.

The dollar fell to 110.86 yen from 110.88 yen on Friday. The euro weakened to $1.1610 from $1.1669.

Gold fell $12.80, or 1 percent, to $1,241.70 an ounce. Silver dropped 36 cents, or 2.2 percent, to $15.84 an ounce. Copper lost 2 cents to $2.94 a pound.

In other energy futures trading, heating oil dropped 5 cents to $2.16 a gallon. Wholesale gasoline also fell 5 cents to $2.11 a gallon. Natural gas slid 6 cents to $2.86 per 1,000 cubic feet.

Major indexes in Europe finished in the red. Germany’s DAX fell 0.6 percent, while France’s CAC 40 lost 0.9 percent. Britain’s FTSE 100 gave up 1.2 percent.

Markets in Asia were overshadowed by weaker than expected Chinese manufacturing data.