Dow, S&P 500 Closed at Records

U.S. stocks ended higher on Monday, with the Dow Jones industrial average and S&P 500 closing at record highs, helped by a rally in Apple as well as tepid economic data suggesting the Federal Reserve may wait to raise interest rates. The Dow Jones Industrial Average gained 26.32 points, or 0.14%, to 18,298.88. The S&P 500 rose 6.47 points, or 0.30%, to 2,129.20. The Nasdaq Composite rose 30.15 points, or 0.60%, to 5,078.44.

U.S. homebuilders are feeling slightly less confident about their sales prospects, a reflection of the sluggish start to this spring’s home-selling season. The National Association of Home Builders/Wells Fargo builder sentiment index released Monday slipped to 54 this month, down two points from 56 in April.

In a letter sent to Apple CEO Tim Cook Monday, Icahn says shares of Apple are still “dramatically undervalued” at $130 a share as of midday trading. His price on Apple shares’ $240.

Take-Two Interactive Software Inc., maker of the Grand Theft Auto video game, reported fiscal fourth-quarter earnings that beat analysts’ estimates on the strength of its shoot ’em up titles. Profit excluding some items in the period ended March 31 rose to 49 cents a share from 21 cents a year earlier, the New York-based company said Monday in a statement.

The World Trade Organization ruled against the U.S. on Monday in a yearslong battle over the information on meat packages, saying country-of-origin labels required by the U.S. discriminate against livestock from Canada and Mexico.

 

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