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Stocks Trade Mostly Higher as Market Extends Recent Rebound

Jerry Kronenberg joined discussion · Aug 12, 2024 22:46

Stocks traded mostly higher Monday morning as Wall Street continued to rebound from a recent steep sell-off sparked by Aug. 2's weak July jobs report, which had sounded recession alarm bells for many investors.

The $Nasdaq Composite Index (.IXIC.US)$ led the way higher Monday, rising 98.71 points (0.6%) to 16,844.02 shortly before 10:30 a.m. ET. The $S&P 500 Index (.SPX.US)$ likewise gained 12.35 ticks (0.2%) to 5,356.51, although the $Dow Jones Industrial Average (.DJI.US)$ shed 97.82 points (0.3%) to 39,399.72.

The three indexes have all gotten back much of a big pullback they saw on Aug. 2 and Aug. 5 after the July jobs report spooked Wall Street.

Monday's major moving stocks as of roughly 10:30 a.m. ET included:

-- $KeyCorp (KEY.US)$, up 13.2% on word that $Bank of Nova Scotia (BNS.US)$ is buying a 14.9% stake in the firm for about $2.8 billion in cash.

-- $Hawaiian Electric Industries (HE.US)$, which fell some 15% after reporting earnings after the bell Friday that said the utility doesn't yet have financing in place to pay a $1.7 billion settlement over its involvement with the recent massive Maui fire.

-- $JetBlue Airways (JBLU.US)$, which shed 13% on news that it plans to sell $400 million of convertible senior notes due in 2029.

-- $Starbucks (SBUX.US)$, better by 3.9% on a Wall Street Journal report that activist investor Starboard Value has taken a stake in the coffee giant.

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