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.
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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)
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)
MAGDEBURG, Germany (AP) — Germans on Saturday mourned both the victims and their shaken sense of security after a Saudi doctor intentionally drove into a Christmas market teeming with holiday shoppers, killing at least five people, including a small child, and wounding at least 200 others.
Authorities arrested a 50-year-old man at the site of the attack in Magdeburg on Friday evening and took him into custody for questioning. He has lived in Germany since 2006, practicing medicine in Bernburg, about 40 kilometers (25 miles) south of Magdeburg. officials said.
The state governor, Reiner Haseloff, told reporters that the death toll rose to five from a previous figure of two and that more than 200 people in total were injured.
Chancellor Olaf Scholz said that nearly 40 of them "are so seriously injured that we must be very worried about them.”
Several German media outlets identified the suspect as Taleb A., withholding his last name in line with privacy laws, and reported that he was a specialist in psychiatry and psychotherapy.
Mourners lit candles and placed flowers outside a church near the market on the cold and gloomy day. Several people stopped and cried. A Berlin church choir whose members witnessed a previous Christmas market attack in 2016 sang Amazing Grace, a hymn about God's mercy, offering their prayers and solidarity with the victims.
There were still no answers Saturday as to what motivated the man to drive his black BMW into a crowd in the eastern German city.
Describing himself as a former Muslim, the suspect shared dozens of tweets and retweets daily focusing on anti-Islam themes, criticizing the religion and congratulating Muslims who left the faith.
He also accused German authorities of failing to do enough to combat what he said was the “Islamism of Europe.” Some described him as an activist who helped Saudi women flee their homeland. He has also voiced support for the far-right and anti-immigrant Alternative for Germany (AfD) party.
Haseloff said Friday that authorities believed the man acted alone.
The violence shocked Germany and the city, bringing its mayor to the verge of tears and marring a festive event that’s part of a centuries-old German tradition. It prompted several other German towns to cancel their weekend Christmas markets as a precaution and out of solidarity with Magdeburg’s loss. Berlin kept its markets open but has increased its police presence at them.
Germany has suffered a string of extremist attacks in recent years, including a knife attack that killed three people and wounded eight at a festival in the western city of Solingen in August.
Magdeburg is a city of about 240,000 people, west of Berlin, that serves as Saxony-Anhalt’s capital. Friday’s attack came eight years after an Islamic extremist drove a truck into a crowded Christmas market in Berlin, killing 13 people and injuring many others. The attacker was killed days later in a shootout in Italy.
Chancellor Scholz and Interior Minister Nancy Faeser traveled to Magdeburg on Saturday, and a memorial service is to take place in the city cathedral in the evening. Faeser ordered flags lowered to half-staff at federal buildings across the country.
Verified bystander footage distributed by the German news agency dpa showed the suspect’s arrest at a tram stop in the middle of the road. A nearby police officer pointing a handgun at the man shouted at him as he lay prone, his head arched up slightly. Other officers swarmed around the suspect and took him into custody.
Thi Linh Chi Nguyen, a 34-year-old manicurist from Vietnam whose salon is located in a mall across from the Christmas market, was on the phone during a break when she heard loud bangs and thought at first they were fireworks. She then saw a car drive through the market at high speed. People screamed and a child was thrown into the air by the car.
Shaking as she described the horror of what she witnessed, she recalled seeing the car bursting out of the market and turning right onto Ernst-Reuter-Allee street and then coming to a standstill at the tram stop where the suspect was arrested.
The number of injured people was overwhelming.
“My husband and I helped them for two hours. He ran back home and grabbed as many blankets as he could find because they didn’t have enough to cover the injured people. And it was so cold," she said.
The market itself was still cordoned off Saturday with red-and-white tape and police vans every 50 meters (yards). Police with machine pistols guarded every entry to the market. Some thermal security blankets still lay on the street.
Christmas markets are a German holiday tradition cherished since the Middle Ages, now successfully exported to much of the Western world.
Aboubakr reported from Cairo and Gera from Warsaw, Poland. Geir Moulson contributed from Berlin.
A blanket lies on a Christmas Market, where a car drove into a crowd on Friday evening, in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Michael Probst)
Policemen guard a Christmas Market, where a car drove into a crowd on Friday evening, in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Michael Probst)
Policemen guard a Christmas Market, where a car drove into a crowd on Friday evening, in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Michael Probst)
German Chancellor Olaf Scholz, centre, speaks at a Christmas Market, where a car drove into a crowd on Friday evening, in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Michael Probst)
Citizens pay tribute to deaths outside St. John's Church near a Christmas Market, where a car drove into a crowd on Friday evening, in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Ebrahim Noorozi)
Citizens pay tribute and cry for deaths outside St. John's Church near a Christmas Market, where a car drove into a crowd on Friday evening, in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Ebrahim Noorozi)
A policeman, right, stands on a Christmas Market, where a car drove into a crowd on Friday evening, in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Michael Probst)
Citizens pay tribute to deaths outside St. John's Church near a Christmas Market, where a car drove into a crowd on Friday evening, in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Ebrahim Noorozi)
Two firefighters walk through a cordoned-off area near a Christmas Market, after a car drove into a crowd in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Ebrahim Noroozi)
A damaged car sits with its doors open after a driver plowed into a busy Christmas market in Magdeburg, Germany, early Saturday, Dec. 21, 2024. (Hendrik Schmidt/dpa via AP)
Police stand at a Christmas market in Magdeburg, Germany, early Saturday, Dec. 21, 2024, after a driver plowed into a group of people at the market late Friday. (Hendrik Schmidt/dpa via AP)
Police stand at a Christmas market in Magdeburg, Germany, early Saturday, Dec. 21, 2024, after a driver plowed into a group of people at the market late Friday. (Hendrik Schmidt/dpa via AP)
A damaged car sits with its doors open after a driver plowed into a busy Christmas market in Magdeburg, Germany, early Saturday, Dec. 21, 2024. (Hendrik Schmidt/dpa via AP)
Police officers and police emergency vehicles are seen at the Christmas market in Magdeburg after a driver plowed into a busy Christmas market in Magdeburg, Germany, Saturday, Dec. 21, 2024. (Matthias Bein/dpa via AP)
Security guards stand in front of a cordoned-off Christmas Market after a car crashed into a crowd of people, in Magdeburg, Germany, Saturday early morning, Dec. 21, 2024. (AP Photo/Ebrahim Noroozi)
A barrier tape and police vehicles are seen in front of the entrance to the Christmas market in Magdeburg after a driver plowed into a busy Christmas market in Magdeburg, Germany, Saturday, Dec. 21, 2024. (Sebastian Kahnert/dpa via AP)
The car that was crashed into a crowd of people at the Magdeburg Christmas market is seen following the attack in Magdeburg, Germany, Saturday early morning, Dec. 21, 2024. (AP Photo/Ebrahim Noroozi)
People mourn in front of St. John's Church for the victims of Friday's attack at the Christmas market in Magdeburg, Germany, Saturday, Dec. 21, 2024. (Matthias Bein/dpa via AP)
Police tape cordons-off a Christmas Market, where a car drove into a crowd on Friday evening, in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Ebrahim Noroozi)
A police officer stands guard at at a cordoned-off area near a Christmas Market, where a car drove into a crowd on Friday evening, in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Ebrahim Noroozi)
Police officers patrol a cordoned-off area at a Christmas Market, where a car drove into a crowd on Friday evening, in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Ebrahim Noroozi)
Security guards stand in front of a cordoned-off Christmas Market after a car crashed into a crowd of people, in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Ebrahim Noroozi)
Emergency services work in a cordoned-off area near a Christmas Market, after a car drove into a crowd in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Ebrahim Noroozi)
Emergency services work in a cordoned-off area near a Christmas Market, after a car drove into a crowd in Magdeburg, Germany, Friday, Dec. 20, 2024. (AP Photo/Ebrahim Noroozi)
Emergency services work in a cordoned-off area near a Christmas Market, after a car drove into a crowd in Magdeburg, Germany, Friday, Dec. 20, 2024. (AP Photo/Ebrahim Noroozi)
Reiner Haseloff, Minister President of Saxony-Anhalt, center, is flanked by Tamara Zieschang, Minister of the Interior and Sport of Saxony-Anhalt, left, and Simone Borris, Mayor of the City of Magdeburg, at a press conference after a car plowed into a busy outdoor Christmas market in Magdeburg, Germany Friday, Dec. 20, 2024. (Hendrik Schmidt/dpa via AP)
Emergency services work in a cordoned-off area near a Christmas Market, after a car drove into a crowd in Magdeburg, Germany, Friday, Dec. 20, 2024. (AP Photo/Ebrahim Noroozi)
Emergency services work in a cordoned-off area near a Christmas Market, after a car drove into a crowd in Magdeburg, Germany, Friday, Dec. 20, 2024. (AP Photo/Ebrahim Noroozi)
Emergency services work in a cordoned-off area near a Christmas Market, after a car drove into a crowd in Magdeburg, Germany, Friday, Dec. 20, 2024. (AP Photo/Ebrahim Noroozi)
A police officer guards at a blocked road near a Christmas Market, after an incident in Magdeburg, Germany, Friday, Dec. 20, 2024. (AP Photo/Ebrahim Noroozi)
Emergency services attend an incident at the Christmas market in Magdeburg, Germany, Friday Dec. 20, 2024. (Dörthe Hein/dpa via AP)
Emergency services attend an incident at the Christmas market in Magdeburg, Germany, Friday Dec. 20, 2024. (Heiko Rebsch/dpa via AP)
Emergency services attend an incident at the Christmas market in Magdeburg, Germany, Friday Dec. 20, 2024. (Heiko Rebsch/dpa via AP)
A police officer guards at a cordoned-off area near a Christmas Market after an incident in Magdeburg, Germany, Friday, Dec. 20, 2024. (AP Photo/Ebrahim Noroozi)
In this screen grab image from video, special police forces attend an incident at the Christmas market in Magdeburg, Germany, Friday Dec. 20, 2024. (Thomas Schulz/dpa via AP)
Reiner Haseloff (M, CDU), Minister President of Saxony-Anhalt, makes a statement after an incident at the Christmas market in Magdeburg, Germany, Friday Dec. 20, 2024. (Heiko Rebsch/dpa via AP)
A police officer speaks with a man at a cordoned-off area near a Christmas Market after an incident in Magdeburg, Germany, Friday, Dec. 20, 2024. (AP Photo/Ebrahim Noroozi)
A policeman is seen at the Christmas market where an incident happened in Magdeburg, Germany, Friday Dec. 20, 2024. (Heiko Rebsch/dpa via AP)
A firefighter walks through a cordoned-off area near a Christmas Market, after a car drove into a crowd in Magdeburg, Germany, Saturday, Dec. 21, 2024. (AP Photo/Ebrahim Noroozi)
Emergency services work in a cordoned-off area near a Christmas Market, after an incident in Magdeburg, Germany, Friday, Dec. 20, 2024. (AP Photo/Ebrahim Noroozi)
A view of the cordoned-off Christmas market after an incident in Magdeburg, Germany, Friday Dec. 20, 2024. (Heiko Rebsch/dpa via AP)
A police officer guards at a blocked road near a Christmas market after an incident in Magdeburg, Germany, Friday, Dec. 20, 2024. (AP Photo/Ebrahim Noroozi)
The car that was crashed into a crowd of people at the Magdeburg Christmas market is seen following the attack in Magdeburg, Germany, Saturday early morning, Dec. 21, 2024. (AP Photo/Ebrahim Noroozi)
Security guards stand in front of a cordoned-off Christmas Market after a car crashed into a crowd of people, in Magdeburg, Germany, Saturday early morning, Dec. 21, 2024. (AP Photo/Ebrahim Noroozi)
Security guards stand in front of a cordoned-off Christmas Market after a car crashed into a crowd of people, in Magdeburg, Germany, Saturday early morning, Dec. 21, 2024. (AP Photo/Ebrahim Noroozi)
The car that was crashed into a crowd of people at the Magdeburg Christmas market is seen following the attack in Magdeburg, Germany, Saturday early morning, Dec. 21, 2024. (AP Photo/Ebrahim Noroozi)
Forensics work on a damaged car sitting with its doors open after a driver plowed into a busy Christmas market in Magdeburg, Germany, early Saturday, Dec. 21, 2024. (Hendrik Schmidt/dpa via AP)
