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Dow closes up triple digits despite Apple’s first 8-day losing streak since 1998

U.S. stocks closed higher Monday, the first trading day of the month, helped by a decline in the dollar index.

Apple extended recent declines for its first eight-day losing streak since the one ended July 28, 1998. ( Tweet This ) The stock lost about 14 percent in April, its worst month since January 2013.

The U.S. dollar index lost half a percent for a sixth-straight day of declines, its first since the one ended in early April. Earlier, the index hit its lowest since January 2015.

"What you've got going on is the dollar has been weak (and) rotation into beaten-down, more economically-sensitive sectors," said Jonathan Lamensdorf, managing director and portfolio manager at Highland Capital Management.

The Dow Jones industrial average closed about 117 points higher, with Goldman Sachs contributing to most of the gains. Consumer discretionary and financials led all S&P 500 sectors higher. The major averages had their best day in nearly 3 weeks on Monday after ending April with their worst week since February.

"We saw some selling Thursday and Friday so just a bit of a rebound (today)," said Adam Sarhan, CEO of Sarhan Capital.

The Nasdaq composite snapped a seven-day losing streak to close higher, as gains in Amazon.com and Microsoft offset a 7.9 percent decline in shares of Chinese internet giant Baidu.

The euro topped $1.15 to its highest since Aug. 26 and the yen hit fresh highs against the dollar, going back to Oct. 2014.

The dollar index was last about half a percent lower, with the euro near $1.152 and the yen at 106.46 yen against the greenback.

Gold hit a high of $1,306 earlier in the session, its highest level since Jan. 22, 2015. Futures for June delivery settled up $5.30 at $1,295.80 an ounce.

U.S. crude oil futures settled down $1.14, or 2.48 percent, at $44.78 a barrel.

Treasury yields were mostly higher, with the 2-year yield near 0.79 percent and the 10-year yield higher near 1.86 percent.

The major economic data for...


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