Dow Jones reaches 35,000 for first time
The Dow Jones Industrial Average on Monday crossed the 35,000 mark for the first time, setting a new high water mark less than six months after it first breached 30,000.
The stock index jumped more than 200 points, or 0.6 percent, in the first hour of trading Monday morning, but in the last hour of trading, it retreated on its gains for the day on falling tech stocks. The 30-company index closed down 33 points, or 0.1 percent.
Other indexes that started the day on more tepid footing also lost ground. The S&P 500 closed down 44 points, or 1 percent below the record it set on Friday, while the tech-heavy Nasdaq index dropped 350 points, or 2.6 percent.
The Dow set its latest record amid mixed economic news. Last week, initial unemployment claims fell to their lowest levels since the pandemic began. But the monthly jobs report for April came in well below expectations, showing just 266,000 new jobs. Analysts had expected 1 million.
Meanwhile, a cyberattack on the Colonial Pipeline Company, which runs the nation’s largest fuel pipeline, shut down operations over the weekend, upending energy prices and gasoline futures.
Markets will be closing watching forthcoming government releases on inflation, due Wednesday, and retail sales, due Friday.
Inflation data in particular could send shudders through markets, which are wary of the possibility that an overheating economy could lead to sustained price increases and force the Federal Reserve to raise interest rates.
The White House has said it is closely monitoring inflation, and Federal Reserve Chairman Jerome Powell has argued that any upticks in prices as the economy emerges from the COVID-19 pandemic are likely to be temporary.
Updated at 4:03 p.m.