By Rebecca Feng
Stocks rallied Monday, with investors hitting pause on the rout in technology shares last week.
The tech-heavy Nasdaq jumped 2.1%, the strongest performance among U.S. stock indexes. SpaceX and Tesla jumped 7% and 8% respectively, while shares in Comcast rose 4.4% after news it is splitting its tech and media businesses into two separate companies.
Both the Nasdaq and S&P 500 broke five-session losing streaks. The Dow Jones Industrial Average, which added Google parent Alphabet as one of its 30 stocks today, closed above 52000 for the first time.
The Supreme Court meanwhile rejected President Trump's bid to fire Federal Reserve governor Lisa Cook with little legal scrutiny. Treasury yields were little changed after the decision, which wasn't a surprise. The case has been closely watched by investors who treat Fed independence as a pillar of bond market stability.
Oil prices reacted cautiously to the resumption of peace talks between the U.S. and Iran after several days of tit-for-tat strikes. Futures for Brent crude, the international benchmark, rose 1.6% to $73.15 a barrel. Fighting over the weekend again heightened the risks to vessels transiting through the Strait of Hormuz.
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