The Dow and S&P 500 touched record highs in early trading before suddenly giving back the gains near 2:30 p.m. ET and then rebounding in the final hour.
Here’s the scoreboard:
- Dow: 22,339.56, +71.22, (0.32%)
- S&P 500: 2,504.28, +4.05, (0.16%)
- Nasdaq: 6,457.16, +8.69, (0.13%)
- Bitcoin surged past $US4,100 a coin, despite reports that Chinese authorities have decided on a plan for a wide-ranging crackdown on the cryptocurrency. The plan, which regulators revealed to cryptocurrency executives on Friday during a private meeting in Beijing, goes further than just a shutdown on exchanges, according to the Wall Street Journal.
- Retail investors have never been this hopeful that the stock market will continue to grind higher. The University of Michigan’s preliminary survey of consumer sentiment for September showed a record 65% expected probability that stocks would rise in the next year.
- Roku hopes to raise as much as $US252 in its IPO, a regulatory filing Monday showed. The company’s CEO and other insiders will control 98 per cent of the company’s voting power even after its IPO, a regulatory filing showed on Monday.
- Toys R Us could file for bankruptcy this week, CNBC reported. Bloomberg reported that the filing could come as soon as Monday. Chapter 11 protection would allow the company to restructure $US400 million in debt due in 2018 then renegotiate the rest.
- US defence contractor Northrop Grumman agreed to buy the missile and rocket maker Orbital ATK Inc. for about $US7.8 billion in cash, with plans to establish a new, fourth business sector. Orbital has billion-dollar contracts with NASA and the US Army.
- The Justice Department has reportedly opened an insider-trading investigation at Equifax. Bloomberg reported that the DOJ is investigating whether top company officials violated insider-trading laws when they sold shares before the company disclosed the hack.
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