Technology gains drive Nasdaq composite to an all-time high

NEW YORK (AP) — U.S. stocks are rising Monday as technology companies, retailers and household goods companies gain ground. Some of the world’s largest technology companies, including Apple and Microsoft, are leading the way, although Facebook is lagging after the New York Times reported that the social media company shared user data with dozens of device makers. The company is disputing that report. Health care companies are mixed as investors react to results from studies of cancer drugs at a top medical conference.

KEEPING SCORE: The S&P 500 index climbed 8 points, or 0.3 percent, to 2,743 as of 11:35 a.m. Eastern time. The Dow Jones industrial average rose 178 points, or 0.7 percent, to 24,813 behind gains from aerospace company Boeing, retailers Walmart and Home Depot, and payment processor Visa. The Nasdaq composite gained 17 points, or 0.4 percent, or, 7,581. The Russell 2000 index of smaller-company stocks lost 1 point, or 0.1 percent, to 1,646.

The S&P 500 rose 1.1 percent Friday after the government said employers added 233,000 jobs in May, a strong gain.

LEADERS: Apple climbed 1 percent to $192.19 as investors waited for the start of its annual developers’ conference. Alphabet, Google’s parent company, gained 1.5 percent to $1,151.59 and Chipmaker Advanced Micro Devices added 1.9 percent to $14.67.

Microsoft made a more modest gain. It rose 0.5 percent to $101.27 after the company said it will pay $7.5 billion in stock to buy GitHub, a popular site where software developers can go to host and review each other’s code. Around 27 million software developers around the world use its platform to share code and build businesses.

Retailers also moved higher. Under Armour rose 3.5 percent to $22.10 and Target gained 4.8 percent to $76.33 while Walmart picked up 2.5 percent to $85.04.

FACEBOOK POKED: The New York Times reported Sunday that Facebook struck data-sharing deals with at least 60 device makers, including Apple and Amazon, raising more concerns about what users give up when they use Facebook. Facebook said it disagreed with the reporting. Ime Archibong, vice president of product partnerships, said in blog post that Facebook has maintained tight control over the technology and that it is not aware of any abuse by the companies that it teamed with.

Facebook lost 0.5 percent to $193.05. Earlier this year the stock skidded and Facebook’s handling of user data was criticized after allegations a firm linked to the Trump campaign improperly harvested personal data from as many as 87 million Facebook accounts. Wall Street’s concerns about the stock gradually faded and Facebook closed at an all-time high Friday.

CHINA’S WARNING: The Chinese government said Sunday that it won’t step up purchases of American products if President Donald Trump taxes billions of dollars’ worth of Chinese imports. China had promised to buy more goods from the U.S. last month, an announcement that led Treasury Secretary Steven Mnuchin to say that the proposed tariffs were suspended and a potential trade war was “on hold.” But more recently, Trump has renewed his threat to impose 25 percent tariffs on $50 billion in Chinese high-tech goods.

Chipmaker Micron Technology fell following reports that it and two other companies are being investigated by the Chinese government. The stock lost 1.2 percent to $58.05.

HEALTH CARE: Companies reported results from cancer drug studies at the annual meeting of the American Society of Clinical Oncology. Nektar Therapeutics plunged 39.3 percent to $54.88 after it and a partner disclosed data from a potential treatment for pancreatic cancer. Analyst Debjit Chattopadhay of H.C. Wainwright said investors were concerned by mixed results from the study and a lack of information and a lung cancer drug study.

As of Friday, Nektar stock had more than tripled in value since early November. Shares of its partner Bristol-Myers Squibb lost 5.7 percent to $50.11. Merck gained 2.6 percent to $62.15 after it reported encouraging results from studies of lung cancer treatments.

ENERGY: Energy companies traded lower as benchmark U.S. crude dropped 1.7 percent to $64.71 a barrel in New York. Brent crude, used to price international oils, fell 1.8 percent to $75.44 per barrel in London.

BONDS: Bond prices dipped. The yield on the 10-year Treasury note rose to 2.92 percent from 2.90 percent late Friday.

CURRENCIES: The dollar rose to 109.65 yen from 109.51 yen. The euro rose to $1.1690 from $1.1662.

OVERSEAS: Germany’s DAX rose 0.4 percent and France’s CAC 40 added 0.2 percent. Britain’sFTSE 100 climbed 0.4 percent. The benchmark Nikkei 225 in Japan rose 1.4 percent and the South Korean Kospi gained 0.4 percent. Hong Kong’s Hang Seng rallied 1.7 percent.

This article provided by NewsEdge.