Dow rises nearly 200 points, extends rally to 11 days for longest winning streak in six years: Live updates

The Dow Jones Industrial Average extended its latest rally to an 11th straight day on Monday, only the sixth time since 1945 that the benchmark has advanced for 11 or more consecutive days, according to a tweet from a Bespoke Investment Group, led by co-founder Paul Hickey.

Bespoke noted that, based on the numbers and the fact that World War II ended 78 years ago, an 11-day surge in the Dow occurs on average less than once every decade.

— Scott Schnipper

Stocks closed higher Monday.

The Dow Jones Industrial Average gained 183.55 points, or 0.52%, to 35,411.24 — posting an 11th straight day of gains. The S&P 500 rose 0.40% to 4,554.64. The Nasdaq Composite added 0.19% to 14,058.87.

— Sarah Min

The Dow's recent hot streak is helping to broaden out the market rally, and the small cap Russell 2000 could be due for its own bounce, according to Canaccord Genuity.

Strategist Tony Dwyer said in a note to clients that the Russell 2000 is appears to be bottoming out relative to the S&P 500 and could soon start to gain ground.

"It is good to see the improvement in the broad market since early June, and given the historic market weighting of the top 10 SPX stocks ... and bottoming in the relative charts, we would favor the Russell 2000 over the S&P 500 ... for the foreseeable future," Dwyer wrote.

— Jesse Pound

The Dow Jones Industrial Average was higher by about 200 points shortly into the final hour of trading.

The 30-stock Dow gained 202 points, or 0.58%. The S&P 500 rose 0.46%, and the Nasdaq Composite added 0.23%.

— Sarah Min

With large-cap technology names trading at high forward price-to-earnings ratio, Katie Stockton, founder and managing partner of Fairlead Strategies, says the buy story has become slightly less compelling for these shares.

"There are very redeeming qualities, and yet short term momentum has certainly fallen off a little bit. And that's something that we have an eye on from a technical perspective," Stockton told CNBC's "The Exchange" on Monday.

"It's not at the point where we're seeing decisive sell signals, but we're at the point where we are shying away from adding new exposure at current levels. So we're kind of at a medium-level hold here; not a weak hold [nor] a strong pull for that level," Stockton said.

She added that she is also holding back on adding exposure to the Invesco QQQ Trust Series fund.

"With that in mind, we usually like to see a reward to risk of better than two-to-one, [which] we don't have at this time. And that goes for not only QQQ, but areas like the semiconductor sector," said Stockton.

— Hakyung Kim

As investors become more confident in the market rally, retail traders are starting to jump back into the types of stocks that were popular during the meme stock craze of 2021.

One way to track the meme trade — the Roundhill Meme ETF (MEME) — is up nearly 60% year to date.

Some of the holdings in that ETF are also well-liked by Wall Street analysts. Read more about those stocks on CNBC Pro.

—Jesse Pound

Shares of American Express declined 1.2% after Piper Sandler downgraded shares to underweight from a neutral rating, citing slowing growth concerns and margin headwinds that should weigh on 2024 earnings.

"We have become increasingly concerned AXP will have difficulty hitting its targeted 10%+ revenue growth and ~15% EPS growth with network volume experiencing a sizable slowdown," wrote analyst Kevin Barker. "In addition, our recent work on the re-start of federal student debt payments (note here) indicates the 25-34 years old age cohort will be the most impacted and likely will see slower spending combined higher default rates."

Given this outlook, Barker trimmed the firm's price target to $149 from $172 a share, reflecting more than 12% downside from Fri