Nasdaq closes at record high
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Stocks on Wall Street staged a solid rally on the first trading day of August following big advances in July. A string of multi-billion dollar deals and efforts to strike an agreement on another round of economic stimulus boosted investor sentiment.
Tech and healthcare stocks led the advance. The Dow and S&P 500 tacked on less than 1%. The Nasdaq added 1.5% to close at a record high.
Cook Pine Capital president Eiichi Kuwana says it might be wise to start taking profits.
"There are some stocks that have really skyrocketed. If you've made some good money in those stocks, I would suggest you might want to start trimming."
Microsoft jumped more than 5%. The software giant said it's pushing forward with talks to buy the U.S. operations of the Chinese short-video app TikTok. After reversing his threat to ban TikTok's operations in the U.S., President Donald Trump gave the companies 45 days to strike a deal.
Apple shares ascended for a second straight session after delivering blowout earnings and announcing it'll split its stock 4-for-1.
ADT shares leapt more than 56%. The home security firm said it's selling a near 7% stake in itself to Google for $450 million. The partnership aims to create the next generation of smart home security offerings.
