NEW YORK, New York – Industrial stocks in the U.S. rose on Monday, while technology stocks were under water largely due to a continued sell-off in Apple shares.
The re-introduction of punishing sanctions on Iran boosted demand for energy stocks.
Berkshire Hathaway shot higher after the company on Saturday reported a doubling of its profit for the 30 September 2018 quarter to $6.88 billion, up from $3.44 billion a year earlier.
“The market would’ve been up a lot more if it wasn’t for technology. It seems like people are trying to hedge in case there is a relief rally after the (midterm) elections,” Aaron Jett, vice president for global equity research at Bel Air Investment Advisors in Los Angeles told Reuters Thomson
“If the Democrats win, Trump could be more likely to want to get some kind of win, so he might be willing to do more deals with China,” he said.
U.S. President Donald Trump and Chinese President Xi Jinping are scheduled to meet at the G20 summit in Argentina at the end of this month.
At the close of trading Monday, the Dow Jones industrials were up 190.87 points or 0.76% at 25,461.70.
The Standard and Poor’s 500 added 15.25 points or 0.56% to 2,738.31.
The tech-laden Nasdaq Composite dipped 28.14 points or 0.38% to 7,328.85.
On forex markets the U.S. dollar lost ground against a number of currencies, but remained little changed against the Japanese yen, the Swiss franc and the Canadian dollar.
Around the New York close Monday, the euro had risen to 1.1414.
Sterling was on a roller-coaster ride Monday as speculation continued to swirl around whether a deal on Brexit would be concluded. Traders were optimistic by the end of the day, sending the pound out at around 1.3044, well up from its earlier close in Asia.
The Japanese yen was virtually unchanged at 113.22.
The Swiss franc was changing hands at 1.00407, while the Canadian dollar was quoted at 1.3106.
The Australian dollar rose strongly to 0.7213, as did the New Zealand dollar to 0.6670.
Overseas equity markets were on the defensive. In Europe, stocks were mixed. The London FTSE 100 gained ground, adding 9.72 points or 0.14% to 7,103.84.
The German Dax fell 13.66 points or 0.19% to 7,343.33.
The Paris-based CAC 40 was unchanged, down 0.74 of a point or 0.01% at 5,101.39.
In Asia, stocks were mostly weaker Monday.
Markets in China and Japan bore the brunt, while the Australian stock exchange was only slightly lower, closing down 31.00 points or 0.52% at 5,904.80.
In Japan the Nikkei 225 closed down 344.67 points or 1.55% at 21,898.99.
At the close of trading in Hong Kong, the Hang Seng was off 551.96 points or 2.08% at 25,935.39.
In China, the Shanghai Composite closed down 11.05 points or 0.41% at 2,665.43.