Dow climbs 236 points, Nasdaq hits record high as tech giants soar

Dow climbs 236 points, Nasdaq hits record high as tech giants soar
AP Images / Richard Drew

US equities gained on Monday as investors focused on deliberations on a new stimulus bill and looked past escalating China tensions.

Tech giantsA drove the Nasdaq composite to a record intraday high. Microsoft led the pack after confirming its talks about buying TikTok.

Congressional leaders and Trump administration officials met over the weekend to continue ironing out a fiscal relief measure. Negotiations about expanded unemployment benefit remain at a standstill since the $600-per-week boost expired on Friday.

Fears of a soured US-China relationship resurfaced after Secretary of State Mike Pompeo said on Sunday that the White House might take action against Chinese software companies "in the coming days."

Watch major indexes update live here.

Stocks gained on Monday as investors continued crowding into tech giants and stayed hopes for Congress to pass a second stimulus package.
Tech mega-caps led benchmark indexes higher and drove the Nasdaq composite to an intraday record. Apple, Alphabet, and Amazon all traded higher in the morning.
Microsoft leaped after confirming reports that it's in talks to buy TikTok. The Trump administration gave the company 45 days to ink a deal before TikTok's US operations could be banned.A Such a deal has a 75% to 80% chance of being completed and could add as much as $200 billion to Microsoft's market cap, Wedbush analyst Dan Ives said on Monday.
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