STOCKS JUMP: Here’s what you need to know

The Dow Jones industrial average surged in a holiday-shortened trading day on Monday, but finished just shy of a record close.

The Dow and S&P 500 both gained, while the tech-heavy Nasdaq, on the other hand, slipped.

As a reminder, US markets will be closed tomorrow in observance of Independence Day.

We’ve got all the headlines, but first, the scoreboard:

  • Dow: 21,507.81, +159.89, (+0.75%)
  • S&P 500: 2,431.67, +8.31, (+0.34%)
  • Nasdaq: 6,114.41, -25.79, (-0.41%)
  • US 10-year yield: 2.343%, (+0.041)
  1. Two out of the three big US automakers beat sales expectations. The big US automakers all saw their sales decline, but Chrysler and Ford came in slightly above expectations while GM dropped more than economists forecasted.
  2. Tesla announced its release date for the Model 3. CEO Slon Musk announced that the new Tesla model will begin deliveries on July 28 after the car passed regulatory hurdles. The stock popped on the news, but finished the day slightly in the red.
  3. Steve Bannon is pushing for a tax hike on rich Americans. The nationalist, populist chief strategist reportedly wants to raise taxes on the top income bracket from the current 39.6% to somewhere in the 40’s according to Axios.
  4. Chinese president Xi Jinping warned Trump ‘negative factors’ are weighing on the US-China relationship. Xi’s comments in a phone call with Trump follow Beijing’s displeasure over US arms sales to China’s rival Taiwan, US sanctions against a Chinese bank over its dealings with North Korea, and, most recently, the sailing of a US destroyer within the territorial seas limit of a Chinese-claimed island in the South China Sea.


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