U.S. stocks rose Monday, led by those seen as benefiting the most from Donald Trump’s reelection as president, but drops for some high-profile Big Tech stocks kept indexes in check.
The S&P 500 edged up by 0.1%, coming off its best week of the year following Trump’s victory and a cut to interest rates by the Federal Reserve to bolster the economy. The Dow Jones Industrial Average rose 304 points, or 0.7%, while the Nasdaq composite gained 0.1%.
Tesla was the strongest force pushing upward on the S&P 500 after rising 9.1%. Its leader, Elon Musk, has become a close ally of Trump’s, and its stock jumped nearly 15% the day after the election and has kept rising.
Several pieces of what’s known as the “Trump trade” also helped drive the market, as investors try to identify which companies will be winners under a second Trump term. JPMorgan Chase rose 1%, and financial stocks again helped lead the market on expectations for stronger economic growth, less regulation from Washington and an increase in mergers and acquisitions.
Feds probe engines on 1.4M Hondas
The U.S. government’s highway safety agency is investigating complaints that engines can fail on as many as 1.4 million Honda and Acura vehicles.
The probe by the National Highway Traffic Safety Administration covers the 2016 through 2020 Honda Pilot and Acura MDX, as well as the 2018 through 2020 Honda Odyssey and Acura TLX.
Also included is the 2017 through 2019 Honda Ridgeline.
The agency says in documents posted on its website Monday that connecting rod bearings on vehicles with 3.5-liter V6 engines can fail, leading to complete engine failure. Connecting rods link the pistons to the crankshaft and convert vertical motion to move the wheels.