Investing.com - Stocks rallied for a fifth day, with investors relieved the United States did not impose a 5% tariff on goods shipped in from Mexico.
If there was a downside to the day's gains, it was that the major averages pulled back from the highs of the day. Still, the S&P 500 finished up 0.47%. The Nasdaq Composite added 1.05% and the Dow was up 0.30%.
Profit-taking was a part of the pullback. The S&P had been up as much as 7.6% at Monday's high from its June 3 close, the day before the uptick began. But there was probably some unease that the Trump Administration's gaining Mexico's promise to limit illegal immigration wasn't quite as dramatic as claimed. In addition, the president complained on Monday that the Federal Reserve was too independent and that interest rates were too high.
Bond yields did rise slightly from Friday. And crude oil prices fell on worries that markets could see a glut this summer.
Technology shares were among the day's biggest winners. Amazon.com (NASDAQ:AMZN), Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) had solid days. Microsoft hit a 52-week high of $134.08 during the session and finished up 0.91% and a market capitalization of $1 trillion for a second day in a row.