Major U.S. equities indexes ticked higher to start the new trading week as markets further digested the results of last week’s election and the latest interest-rate cut by the Federal Reserve.
The S&P 500 added 0.1% on Monday. The Nasdaq wavered for most of the day but closed with a gain of a bit less than 0.1%, with surging cryptocurrency prices buoying shares of tech firms with ties to crypto. The Dow built on its post-election rally, jumping 0.7% to notch its first-ever close above 44,000. Bond markets were closed in observance of Veterans Day.
Shares of pharmaceutical company Bristol-Myers Squibb (BMY) popped 10.5% higher, logging the top daily performance in the S&P 500, after competitor AbbVie (ABBV) reported that its experimental schizophrenic treatment failed to reach the desired goals in a Phase 2 trial. Bristol-Myers Squibb entered the schizophrenia treatment market through last year’s acquisition of biopharma firm Karuna Therapeutics, whose drug KarXT received approval from the Food …