Stock Market Today: Dow Adds 210 Points as Apple, Goldman Hit New Highs
A big rally in blue chips and some dovish Fed speak boosted the equities market Monday.


Stocks gained ground to start the new week, buoyed by hopes the Federal Reserve will start cutting interest rates at its September meeting. The main indexes also got a boost after Fed Chief Jerome Powell struck a dovish tone toward inflation.
Last week's encouraging inflation updates – most notably, the June Consumer Price Index (CPI), which fell for the first time on a monthly basis in nearly two years – helped lift expectations that the Fed will cut rates sooner rather than later.
Indeed, according to CME Group's FedWatch Tool, futures traders are pricing in an 89% chance the Fed will cut rates by a quarter-percentage point in September. This is up from 71% one week ago.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Powell did not indicate when the central bank would start cutting rates during his early afternoon Q&A session at the Economic Club. However, he did say recent economic data adds "somewhat to [the Fed's] confidence" that it can bring inflation back down to its 2% target.
The next big event on the economic calendar occurs tomorrow morning with the release of the June retail sales report. "Last month's report showed tepid sales, and we will be watching to see if consumers have continued to pull back on spending," says Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company.
Apple nabs new record closing high
In single-stock news, Apple (AAPL) shares rose 1.7% to a new record closing high of $234.40 after Bloomberg News said annual revenue in India hit a record high of nearly $8 billion in the 12 months ended March 31.
Also boosting the mega-cap stock was a bullish note from Morgan Stanley analyst Erik Woodring, who said the company's recently announced artificial intelligence (AI) platform, Apple Intelligence, should lead to a multi-year upgrade cycle. As such, Woodring elevated AAPL to a top pick and boosted his price target to $273 from $216.
Goldman Sachs gets an earnings boost
Goldman Sachs (GS, +2.6%) was another booming blue chip stock that closed at a new record high after the big bank disclosed its second-quarter earnings report. GS easily beat analysts' top- and bottom-line estimates for the three-month period and reiterated the dividend hike it announced following last month's stress test results.
"We think GS is poised for higher earnings from investment banking fees given the bank has stated its backlog has increased significantly (and due to the firm's franchise strength in asset management)," says CFRA Research analyst Kenneth Leon (Buy).
DJT stock soars after Trump assassination attempt
Elsewhere, Trump Media & Technology Group (DJT) jumped 31.4% after a weekend assassination attempt against former President Donald Trump. The shooting occurred just ahead of this week's Republican National Convention where Trump earlier today secured his party's nomination for this fall's presidential election.
"Political violence is a risk for markets and we have seen volatility increase in the past few months in equity markets around the world given the elections in India and France," says Michael Landsberg, chief investment officer at Landsberg Bennett Private Wealth Management. "Unfortunately, we will have to plan for increased volatility in both stock and bond markets as our election nears given the rancor we have seen."
As for the main indexes, the Dow Jones Industrial Average climbed 0.5% to 40,211 – a new record closing high – the S&P 500 rose 0.3% to 5,631, and the Nasdaq Composite gained 0.4% to 18,472.
Related content
- Macy's Stock Plunges After Ending Buyout Talks: What to Know
- How to Live Like You've Won the Lottery
- Earnings Calendar and Analysis for This Week
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Investing Abroad Could Pay Off — Here's How
Countries overseas are stimulating their economies, and their stocks are compelling bargains.
-
Retire in Belize for Stunning Natural Beauty and Culture
Belize offers miles of protected land and ocean, a rich mix of cultures and a chill lifestyle. Best yet — the income requirement is just $2K per month.
-
Why Investing Abroad Could Pay Off
Countries overseas are stimulating their economies, and their stocks are compelling bargains.
-
Are These the Next Stocks to Split?
Interactive Brokers' recently split its stock to makes its shares more accessible to investors. Could these high-priced stocks be next?
-
Your Home + Your IRA = Your Long-Term Care Solution
If you're worried that long-term care costs will drain your retirement savings, consider a personalized retirement plan that could solve your problem.
-
I'm a Financial Planner: Retirees Should Never Do These Four Things in a Recession
Recessions are scary business, especially for retirees. They can scare even the most prepared folks into making bad moves — like these.
-
A Retirement Planner's Advice for Taking the Guesswork Out of Income Planning
Once you've saved for retirement, you'll need your nest egg to support you for as many as 30 years. For that, you need a clear income strategy, not guesswork.
-
Stock Market Today: Stocks Swing as Trump Scraps Canada Trade Talks
Despite a mid-afternoon slip, the S&P 500 and Nasdaq ended the day at new record highs.
-
Why Smart Retirees Are Ditching Traditional Financial Plans
Financial plans based purely on growth, like the 60/40 portfolio, are built for a different era. Today’s retirees need plans based on real-life risks and goals and that feature these four elements.
-
To My Small Business: Well, I've Been Afraid of Changin', 'Cause I've Built My Life Around You
While thinking about succession planning might feel like anticipating a landslide (here's to you, Fleetwood Mac), there are strategies you can implement to manage the uncertainty and the transition.