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Update: Dow Posts New High to Kick Off Holiday-Shortened Trading Week

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Update: Dow Posts New High to Kick Off Holiday-Shortened Trading Week

(Updates with market moves at the end of the day.)

The Dow Jones Industrial Average hit a fresh all-time high at the start of what will be a short trading week.

The Dow rose 0.6% to settle at 52,182.7 on Monday, closing above 52,000 for the first time. The Nasdaq Composite advanced 2.1% to 25,820.1, while the S&P 500 climbed 1.2% to 7,440.3, with both indexes rebounding after a five-day losing streak. Among sectors, communication services paced the gainers, while materials saw the sharpest drop.

The New York Stock Exchange and Nasdaq will be closed on Friday in observance of the Independence Day holiday, which falls on a Saturday this year.

Iran said that no talks were scheduled with the US in the coming days, despite President Donald Trump saying Washington will meet with Tehran in Qatar on Tuesday, CNN reported.

Both sides engaged in attacks in and around the Strait of Hormuz.

West Texas Intermediate crude oil was up 1.8% at $70.45 a barrel in Monday late-afternoon trade, while Brent advanced 1.1% to $72.78.

US Treasury yields were higher, with the two-year rate up 1.1 basis points at 4.11% and the 10-year rate rising 0.7 basis points to 4.38%.

In company news, Alphabet's (GOOGL) class A shares jumped 4.8%, the top gainer on the Dow, as the Google parent joined the index, replacing Verizon Communications (VZ), which fell 5.2%.

Alphabet's class C shares (GOOG) rose 5%.

Comcast (CMCSA) said it plans to split into two publicly traded companies, separating its NBCUniversal and Sky media businesses from its broadband and connectivity operations. Comcast shares advanced 4.5%.

Honeywell International (HON) shares fell 6.4%, the worst performer on the Dow and third-biggest drop on the S&P 500. The company completed the spinoff of its aerospace business into an independent publicly traded company.

Martin Marietta Materials (MLM) agreed to combine with limestone supplier Lhoist North America in a $13.5 billion deal. Shares of the American building materials supplier slumped 5.7%, among the steepest declines on the S&P 500.

Nike (NKE), Constellation Brands (STZ) and General Mills (GIS) are expected to release their latest financial results this week.

Gold was down 1.7% at $4,028.80 per troy ounce, while silver dropped 1% to $58.66 per ounce.

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