US stocks finish higher as tech shares rally
Leading large tech companies enjoyed a strong session on Monday, lifting the Nasdaq ahead of US retail sales data and earnings from large shopping chains later in the week. Shares of Amazon, Google parent Alphabet, Netflix and Meta Platforms rose more than one percent in the latest indication of investor appetite for such "mega cap" stocks whenever they show signs of weakness. That helped the Nasdaq pile on 1.1 percent to finish at 13,788. The Dow Jones climbed 0.1 percent to 35,307, while the S&P 500 gained 0.6 percent to 4,489. Among individual companies, United States Steel surged 36.8 percent after announcing that it received an unsolicited bid from Cleveland-Cliffs to acquire the company. US Steel has begun "a comprehensive and thorough review of strategic alternatives" after "receiving multiple unsolicited proposals" from prospective buyers of the company or some assets, said Chief Executive David Burritt. Cleveland-Cliffs rose 8.8 percent. Tesla dropped 1.2 percent following reports the company cut its prices in China again. This week's calendar includes the July US retail sales report, as well as quarterly results from Walmart, Home Depot and other big box retailers. (AFP)