money Dow, S&P rise; value outperforms
Investors snapped up value stocks and sold highly appreciated tech stocks like Microsoft and Facebook Monday. That drove the S&P 500 and Dow higher but sent the Nasdaq lower as investors looked for signs of progress on a fiscal stimulus bill.
The Dow gained 1.3%. The S&P added a quarter percent. The Nasdaq shed less than half percent.
Ticker Tocker chief market strategist, Stephen Kalayjian says it’s time to take some profit:
“I think it’s safe to say that we’ve come 9,000 points off the Dow’s March lows, so as an investor, I think it’s time to take caution here.”
Not a pretty picture for Eastman Kodak. Shares of the iconic film and camera maker plunged 28%. The U.S. government put on hold its $765 million loan agreement to produce drug ingredients, citing “recent allegations of wrongdoing.”
Simon Property’s beleaguered shares got a lift. The mall owner is reportedly in talks with Amazon to convert some of the space occupied by department stores into fulfillment centers for the online retailer.
MGM was the top gainer on the S&P 500, up 14%. Barry Diller’s IAC/Interactive revealed it has taken a 12% stake worth about $1 billion in the casino operator.
