S&P 500 posts longest daily winning streak in nearly 10 months
US indices continued their collective gains on Monday ahead of the Democratic National Convention and the upcoming Jackson Hole Economic Symposium.
The Jackson Hole Economic Symposium kicks off on Thursday, and Fed Chairman Jerome Powell's remarks on Friday will be parsed for clues about the U.S. central bank's path of monetary policy.
The Democratic National Convention in Chicago, which begins Monday, could also fuel market volatility that has already been heightened by light trading volume in late summer.
Performance of major US indices:
The Dow Jones Industrial Average rose 0.6%, or 236 points, on Monday, posting its fifth straight daily gain to close near 40,900.
The S&P 500 rose 1%, posting its eighth straight daily gain, its longest streak of daily gains in about 10 months.
The Nasdaq Composite rose 1.4%, recording its highest daily close in about a month.
Quarterly results from cybersecurity company Palo Alto Networks, retailer Target and home improvement chain Lowe's are due later this week.
Berkshire Hathaway shares
Shares of billionaire investor Warren Buffett's Berkshire Hathaway jumped 1% on Monday to its highest close ever, adding $9 billion to the company's market value in a single day.
The gains were supported by strong performance in energy, utilities and financial services companies in which Buffett invests, most notably Occidental Petroleum, the XLF Financial Sector Fund and the XLU Utilities Fund.
Trump Media Shares
Trump Media shares fell 4% on Monday, posting their seventh straight daily loss and closing at a 7-month low.
The stock's slide deepened on Aug. 9 after the company reported a loss of more than $16 million for the quarter ended June 30, while posting revenue of just $837,000 during the same period.
Trump Media's stock plunge over the past four weeks has coincided with a seismic cycle of developments for Trump, who is the largest shareholder in Trump Media and a major draw for Truth Social users.
