June 14 (UPI) — The Nasdaq Composite and S&P 500 rose to record highs on Monday while the price of bitcoin rose to above $40,000.
The tech-heavy Nasdaq rose 0.74% to an all-time closing high of 14,174.14, topping its previous record on April 26, and the S&P climbed 0.18% to close at 4,255.15. The Dow Jones Industrial Average dropped 85.85 points, or 0.25%.
Tesla stock gained 1.28% as CEO Elon Musk on Sunday said the company will resume bitcoin transactions once it confirms that people who mine the cryptocurrency can make use of clean energy.
Bitcoin stock traded as high as $40,815 early Monday before dropping to $39,786.60 in the evening.
Some major Dow stocks rallied on Monday as Apple rose 2.46% and Microsoft rose 0.78%. JP Morgan Chase stock fell 1.71%, contributing to the broad index’s fall.
“The broad market’s modest performance is pretty much in line with historical patterns — specifically, June’s tendency for generally quiet trading,” Chris Larkin, managing director of trading at E-Trade Financial, told CNBC. “As the market continues to sort through potential moves made by the Fed and looming inflation, we could continue to see this narrative play out in the short term.”
The S&P 500 closed at a record high last week, rising 0.4% for its third straight positive week, while the Dow rose 0.8% on the week and the Nasdaq gained 1.9%.
The Federal Reserve’s two-day policy meeting is set to take place beginning Tuesday, with Chairman Jerome Powell set to address the press on Wednesday.