Stocks are flying higher to start the week.
Shortly after the market open on Monday, the Dow was up 110 points, the S&P 500 was up 8 points, and the Nasdaq was up 33 points.
At current levels, the Nasdaq is less than 3 points away from the 5,000 level, which the index hasn’t seen since the height of the tech bubble in March 2000.
The big news on Monday is Lumber Liquidators, which was the subject of a damning report from “60 Minutes” on Sunday night that showed a number of problems at factories that supply laminate products to the company in China.
In premarket trade, shares of the company were down almost 25%, and after the market opened shares of the company were halted for trade, pending news.
Monday was also a busy morning for economic data, with personal income and spending data coming in below expectations, Markit’s latest manufacturing PMI reading beating expectations, construction spending unexpectedly fell in January, and the ISM’s latest report on business fell just less than expected.