Both the Dow and S&P500 booked a seventh straight session of gains, while the Nasdaq underperformed for a second session amid signs of a rotation away from high-growth stocks in the technology sector to more economically sensitive cyclical companies - Dow up +358-points or +1.30%. Economic bellwether Caterpillar Inc climbed +5.26% and Boeing Co +5.52%, adding a combined ~112-points to the Dow. A US$1 move in any of the Dow's 30 components equates to a 6.86-point swing. The broader S&P500 gained +0.27% to 3,360.47) to close within 1% of its 19 February record closing high (3,386.15), with Energy (up +3.08%) and Industrials (+2.43%) leading six of the eleven primary sectors higher. MGM Resorts International (up +13.77%) was the leading S&P 500 constituent, gaining +13.77% after Barry Diller, chairman of IAC/InterActiveCorp US:IAC unveiled a 12% stake in the company. The technology-centric NASDAQ -0.38%. Social media platform Twitter Inc gained +0.81% after The Wall Street Journal reported it had held preliminary talks about a potential combination with TikTok. Microsoft Corp (down -1.99%) is still seen as the front runner in any deal around the video sharing app after weeks of talks between it and TikTok’s owner, Beijing-based ByteDance Ltd.
