But a drop in technology stocks dragged the Nasdaq down in a shortened trading session ahead of the Independence Day holiday. Fred Katayama reports.
Bank and oil shares sparkled, helping drive the Dow to a record high Monday. But a drop in tech stocks dragged the Nasdaq down in a shortened trading session ahead of the Independence Day holiday. Wells Fargo's Margie Patel: SOUNDBITE: MARGARET PATEL, SENIOR PORTFOLIO MANAGER, WELLS FARGO ASSET MANAGEMENT: "I think the economic numbers such as we had today, the PMIs, looke dpretty good. They showed that the industrial sectors were runing along. Some other data was mixed. But I think that's enough to keep the market going." Tesla shares falling. The electric vehicle maker says it's set to launch production of its new mass market sedan. CEO Elon Musk says it's on track to produce 20,000 Model 3s a month by December. Shares of General Motors and Ford zoomed higher even though new vehicles sales at both automakers fell in June. GM said it foresees stronger U.S. vehicle sales in the second half. Ford predicts an annualized sales rate that tops Wall Street's forecasts. Bankrate shares shot higher. Red Ventures is buying the operator of consumer finance websites like Bankrate.com and CreditCards.com for $1.2 billion. European markets shot sharply higher on a rally led by financial and energy shares.