On Monday stock market, the Dow Jones Industrial Average rose 0.6%, but the Nasdaq composite proved to be the day’s leading significant index, hitting a new high. Meanwhile, Pfizer (PFE) and BioNTech (BNTX) saw their stock rise when their Covid-19 vaccine received full FDA clearance. On the news of a contract, Boeing (BA) and Virgin Galactic (SPCE) both climbed.
Microsoft stock hit a new high on Monday as more analysts realize the financial ramifications of the company’s decision to raise the price of some Office 365 productivity software subscriptions for companies next year.
The stock ended the day at $304.65, giving the business a market capitalization of over $2.3 trillion. Microsoft’s stock has risen roughly 37% this year, outperforming most of its big tech competitors. However, Alphabet, the parent company of Google, has gained over 60% this year.
Quick market analysis
The Nasdaq was the day’s best-performing major index, rising 1.6 % to a new high. Xilinx (XLNX) was one of the best-performing stocks, with a gain of more than 6%.
The S&P 500 index also increased by 0.9%. APA Corp. (APA), the parent company of Apache, was among the biggest gainers, increasing over 8%.
The bulk of S&P sectors ended the day in positive territory, with energy and consumer discretionary leading the way. The greatest laggards were real estate and utilities.
The main indices were outperformed by small caps. The Russell 2000 completed the day with a 1.9 % gain.
The Dow Jones Industrial Average outperformed the other main indices with the smallest increases. Despite this, it ended the day with a gain of more than 200 points, or 0.6%. Boeing was the best-performing component, increasing by more than 3%.
Virgin Orbit, a satellite-launching offshoot of Virgin Galactic, said it is going public with a valuation of $3.7 billion, giving it a boost. Boeing, the aerospace giant, will participate in the private investment in public equity round. In light turnover, Boeing jumped 3.2% higher.
Virgin Orbit and NextGen Acquisition Corp. II are combining in a SPAC merger (NGCA). The latter stock ended the day with a gain of roughly 2%.