Dow jumps 280 points, S&P 500 rises to record as Trump survives assassination attempt: Live updates

Stocks advanced on Monday as investors evaluated the impact of the assassination attempt on former President Donald Trump and geared up for a big week of corporate earnings.

The Dow Jones Industrial Average jumped 275 points, or 0.7%, while the S&P 500 gained 0.8%. Both touched new intraday highs in the session. The Nasdaq Composite popped 1.1%, aided by a nearly 2% rally in Apple following an upgrade on Wall Street.

Traders were monitoring the latest developments with the attempted assassination of Trump, the Republican candidate for president. While it had potential to create more political strife in the country, investors also speculated this could further propel Trump and Republicans in the polls ahead of the November election.

“The good news is that former President Trump was not injured more than the ear, that he was not killed,” said Sam Stovall, chief investment strategist at CFRA Research, on CNBC’s “Worldwide Exchange.” “As a result, I think the market will continue on its momentum ways.”

The Republican National Convention commences Monday in Milwaukee, Wisconsin, with Trump leading President Joe Biden in national polls.

Insurers Humana and UnitedHealth Group, which could benefit from less cost pressures coming from a Republican administration, rose in the session. The Russell 2000 gained for a fourth straight day, aided on Monday after Goldman Sachs said a second Trump term could help small caps outperform.

“Trump was already the clear frontrunner, and the shooting will only cement that status,” Adam Crisafulli, founder of Vital Knowledge, said in a note on Sunday. 

Elsewhere, investor attention is centering on second-quarter earnings reports. These releases could provide the latest catalyst for a market that has rallied to new highs this year.

Goldman Sachs shares rose more than 1% after posting earnings that exceeded analyst expectations. It’s one of the more than 40 S&P 500 companies reporting second-quarter earnings this week, a list that also includes household names such as Bank of America, United Airlines and Netflix.

Investors will also follow remarks from Federal Reserve Chair Jerome Powell at the Economic Club of Washington, D.C. at 12:30 p.m. ET.