US stock indexes added slightly to their record highs in relatively subdued trading on Wall Street on Monday.
- The S&P 500 rose 16.02 points, or 0.3%, to 5,718.57, beating the all-time high it set on Thursday. The benchmark index is coming off its fifth winning week in the last six.
- The Dow Jones Industrial Average rose 61.29 points to 42,124.65, adding 0.1% to its own record set Friday.
- The Nasdaq composite rose 25.95 points, or 0.1%, to 17,974.27.
Treasury yields held relatively steady after a report suggested US services businesses are continuing to grow, though manufacturing is continuing to shrink.
Tesla led the way with a gain of 4.9%. The maker of electric vehicles has clawed back all its sharp losses from earlier in the year. It was down as much as 42% at one point in April, when it was cutting prices on its cars to boost flaccid sales, the AP reports. On the losing side was Trump Media and Technology Group. Its stock fell another 10.3% on Monday and it is now down almost 85% since a surge in March, CNBC reports. A restriction on insiders trading shares was lifted after the closing bell on Thursday but Donald Trump, who owns almost 60% of the company's outstanding stock, has said he won't sell.
A report on Monday morning suggested US business activity is not growing as quickly as economists expected, mostly because of a continued downturn in manufacturing. The preliminary report from S&P Global said US manufacturing shrank more severely in September than in August and hit a 15-month low. It's been one of the parts of the economy hurt most by high interest rates. The overall figures suggest a US economy that's still growing at a healthy rate, according to Chris Williamson, chief business economist at S&P Global Market Intelligence. "But there are some warning lights flashing, notably in terms of the dependence on the service sector for growth, as manufacturing remained in decline, and the worrying drop in business confidence," he says. (More stock market stories.)
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