Stock market today: Wall Street powers higher to more records

NEW YORK (AP) — Wall Street rolled to more records Monday as U.S. stocks added to their all-time highs.

The S&P 500 climbed 0.8% to build on its record set on Friday. It’s coming off its fifth straight winning week and is on track for its longest weekly winning streak of the year.

The Dow Jones Industrial Average rose 0.5% and added 201 points to its own record, while the Nasdaq composite gained 0.9%.

The gains followed relatively quiet trading in Europe, while the U.S. bond market remained closed for the day because of a holiday.

The strongest action in global markets came from China, where the finance minister gave a highly anticipated update on Saturday about plans for the world’s second-largest economy. Lan Fo’an said the government is looking at additional ways to boost the economy, but he stopped short of unveiling a major new stimulus plan that investors were hoping for.

The lack of detail sent markets spinning. Stocks in Shanghai jumped 2.1%, but the Hang Seng index in Hong Kong fell 0.7%. Crude oil prices, meanwhile, sank roughly 2% on worries about demand from China’s slowing economy.

Hopes for big stimulus in China have sent Chinese stocks sharply higher recently after they languished for years. But investors are skeptical about how much it can remake and restore the economy.

“While clearly welcome, the efforts may be insufficient to spur a new reflationary cycle,” according to Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management.

Besides oil, prices also fell for copper and other commodities that a healthy Chinese economy would devour. That helped drive down prices for miners, such as Freeport-McMoRan, which fell 2.3% for one of the larger losses in the S&P 500.

Boeing lost 1.3% in its first trading since the aerospace giant warned that it expects to report that it burned through $1.3 billion in cash during the latest quarter and lost $9.97 per share. Boeing also said it was laying off 10% of its workforce as it tries to deal with a labor strike that is crippling production of the company’s best-selling airline planes.

On the winning side of Wall Street was SoFi Technologies. It rose 11.4% after announcing a $2 billion loan platform agreement with investment firm Fortress Investment Group, where SoFi will refer pre-qualified borrowers.

Longboard Pharmaceuticals soared 51.6% after H. Lundbeck, a Danish company, said it would buy the biopharmaceutical company in an all-cash deal valuing it at $2.6 billion.

Trump Media & Technology Group jumped 18.5% and is near $30 again for the first time since July. The company behind former President Donald Trump’s Truth Social platform had briefly dropped below $12 last month. It continues to lose money, but its stock often moves more with Trump’s perceived re-election chances than anything else.

All told, the S&P 500 rose 44.82 points to 5,859.85. The Dow added 201.36 to 43,065.22, and the Nasdaq composite gained 159.75 to 18,502.69.

This upcoming week will have few top-tier economic reports outside of Thursday’s update on sales at U.S. retailers to help guide trading. That will likely leave the emphasis on corporate earnings reports, which will pick up the pace this week after big banks began the reporting season last week.

Bank of America, Johnson & Johnson and UnitedHealth Group will all report their latest results on Tuesday. Later in the week will come United Airlines, Netflix, American Express and Procter & Gamble.

Analysts are looking for S&P 500 companies to deliver overall growth of 4.1% in earnings per share for the latest quarter from a year earlier, according to FactSet. If they’re correct, it would be a fifth straight quarter of growth.

Solid, continued growth in profits for companies would help tamp down criticism that’s built up about how expensive the broad stock market looks, after share prices ran higher faster than earnings.

Stocks have broadly rallied to records on relief that interest rates are finally heading back down, now that the Federal Reserve has widened its focus to include keeping the economy humming instead of just fighting high inflation.

Recent reports showing the U.S. economy remains stronger than expected have also raised optimism that the Fed can pull off a perfect landing where it gets inflation down to 2% without causing a recession that many had thought would be necessary.

AP Business Writer Elaine Kurtenbach contributed.

FILE - People pass the entrance for the Wall Street subway station on Sept. 2, 2024, in New York. (AP Photo/Peter Morgan, File)

A currency trader reads documents at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Oct. 14, 2024. (AP Photo/Ahn Young-joon)

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Oct. 14, 2024. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, Oct. 14, 2024. (AP Photo/Ahn Young-joon)

FILE - The New York Stock Exchange is shown on Sept. 10, 2024. in New York. (AP Photo/Peter Morgan, File)

CLEVELAND (AP) — Dua Lipa in a slinky dress opened the Rock & Roll Hall Fame induction ceremony on Saturday night singing Cher's “Believe” only to give way to to the actor-singing icon, who emerged to blistering screams. The two held hands during their brief duet, a connection across generations the Hall has always hoped to spotlight.

The inductees this year in addition to Cher are: Kool & the Gang, Mary J. Blige, A Tribe Called Quest, Ozzy Osbourne, Peter Frampton, Foreigner, Dave Matthews Band, the late Jimmy Buffett, MC5, Dionne Warwick, Alexis Korner, the late John Mayall and Big Mama Thornton.

Zendaya inducted Cher. “Where do I even begin? Cher is not one person,” the actor said. "Her name is just as legendary as her legacy." Zendaya noted that Cher is the only woman to have a No. 1 hit on a Billboard chart in each of the past seven decades. "Cher has got the goods," Zendaya said.

Saturday's induction ceremony is being held at the Rocket Mortgage Fieldhouse in Cleveland, where the Hall has promised to return to every few years. It streams live on Disney+ and a special with performance highlights will air on ABC on Jan. 1.

The Hall says the Dave Matthews Band, Blige, Foreigner, Frampton, Kool & the Gang and Warwick will be performing live. When the names of the nominees were read before the telecast, it was the Dave Matthews Band that got the biggest cheer in the auditorium.

Cher — the only artist to have a No. 1 song in each of the past six decades — and Blige, with eight multi-platinum albums and nine Grammy Awards, will help boost the number of women in the Hall, which critics say is too low.

Artists must have released their first commercial recording at least 25 years before they’re eligible for induction. Nominees were voted on by more than 1,000 artists, historians and music industry professionals.

John Sykes, president of entertainment enterprises at iHeartMedia and the chairman of the Rock and Roll Hall of Fame Foundation, said Saturday that he and the Hall are trying to bring the inductions back to rock's roots, not expand the category.

“What I’m trying to do is bring over the aperture back up to where it was in the late '50s, where you had Brenda Lee and Hank Williams right next to Fats Domino, Elvis Presley, the Beatles. It was, at that time, this gumbo of artists. It kind of narrowed down over the years. All I can do is bring it back to its original roots.”

There had been a starry push to get Foreigner — with the hits “Urgent” and “Hot Blooded” — into the Hall, with Mark Ronson, Jack Black, Slash, Dave Grohl and Paul McCartney all publicly backing the move. Ronson’s stepfather is Mick Jones, Foreigner’s founding member, songwriter and lead guitarist.

Warwick will arrive at the ceremony only a few days after attending a memorial to her longtime friend and collaborator, Cissy Houston, in Newark, New Jersey. Jennifer Hudson and Teyana Taylor will help induct her.

Other members of rock, pop and hip-hop royalty will be on hand to help usher the class in, including Busta Rhymes, Dr. Dre, Demi Lovato,Dua Lipa, Ella Mai, James Taylor, Jelly Roll, Keith Urban, Kenny Chesney, Lucky Daye, Mac McAnally, Method Man, Roger Daltrey, Sammy Hagar, Slash and The Roots.

Julia Roberts will help induct the Dave Matthews Band — she's a self-avowed superfan and she appeared in the band’s video for the 2005 single, “Dreamgirl.” Dua Lipa will be doing the same for Cher and Busta Rhymes will be performing with A Tribe Called Quest.

While no country act is being inducted this year, country artists will be heard. Kenny Chesney and Mac McAnally will team up to pay tribute to Buffett, while Urban will play in honor of Frampton. Meanwhile, Hagar revealed he'll be part of the team inducting Foreigner and will sing “Hot Blooded.”

Cher, left, and Dua Lipa perform during the 39th Annual Rock & Roll Hall of Fame Induction Ceremony on Saturday, Oct. 19, 2024, at Rocket Mortgage FieldHouse in Cleveland. (AP Photo/Chris Pizzello)

Cher, left, and Dua Lipa perform during the 39th Annual Rock & Roll Hall of Fame Induction Ceremony on Saturday, Oct. 19, 2024, at Rocket Mortgage FieldHouse in Cleveland. (AP Photo/Chris Pizzello)

Cher, left, and Dua Lipa perform during the 39th Annual Rock & Roll Hall of Fame Induction Ceremony on Saturday, Oct. 19, 2024, at Rocket Mortgage FieldHouse in Cleveland. (AP Photo/Chris Pizzello)

FILE - Ozzy Osbourne performs at the 10th annual MusiCares MAP Fund Benefit Concert in Los Angeles on May 12, 2014. (Photo by Paul A. Hebert/Invision/AP, File)

FILE - Mick Jones of the band Foreigner performs in concert during the "Soundtrack of Summer Tour 2014" in Camden, N.J., on July 3, 2014. (Photo by Owen Sweeney/Invision/AP, File)

FILE - Thom Gimbel, from left, Michael Bluestein, Mick Jones, Kelly Hansen, Jeff Pilson and Bruce Watson of Foreigner pose for a portrait during the Sundance Film Festival in Park City, Utah on Jan. 20, 2017. (Photo by Taylor Jewell/Invision/AP, File)

FILE - Peter Frampton performs during "Finale - The Farewell Tour" at Huntington Bank Pavilion on Sunday, July 28, 2019, in Chicago. (Photo by Rob Grabowski/Invision/AP, File)

FILE - Members of the Dave Matthews Band, Tim Reynolds, Jeff Coffin, Boyd Tinsley, Rashawn Ross, Dave Matthews, Stefan Lessard and Carter Beauford arrive at the Grammy Awards in Los Angeles on Jan. 31, 2010. (AP Photo/Chris Pizzello, File)

FILE - Jimmy Buffett performs at the after party for the premiere of "Jurassic World" in Los Angeles, on June 9, 2015. (Photo by Matt Sayles/Invision/AP, File)

FILE - Dionne Warwick performs at MusiCares Person of the Year honoring Berry Gordy and Smokey Robinson at the Los Angeles Convention Center on Friday, Feb. 3, 2023. (AP Photo/Chris Pizzello)

FILE - English blues singer John Mayall performs with his band The Bluesbreakers, on the stage of the Miles Davis hall during the 42nd Montreux Jazz Festival in Montreux, Switzerland, late Monday, July 7, 2008. (Sandro Campardo/Keystone via AP, File)

FILE - Dave Matthews, of Dave Matthews Band, performs on Tuesday, July 27, 2021, at Ameris Bank Amphitheatre in Alpharetta, Ga. (Photo by Paul R. Giunta/Invision/AP, File)

FILE - Wayne Kramer, co-founder of the protopunk Detroit band the MC5, plays a guitar at his recording studio in Los Angeles on Jan. 16, 2012. (AP Photo/Chris Pizzello, File)