Stocks once again closed in record territory Monday, although off intra-day highs, including the Nasdaq's pullback from the 7,000 level.
The Dow Jones Industrial Average finished up 140.46 points to 24,792.20, while the S&P 500 gained 14.35 points to 2,690.16. The Nasdaq climbed 0.84% to 6,994.76.
ESPN President Stepping Down
The president of struggling sports network ESPN (owned by Walt Disney Co. (DIS) ) resigned Monday to deal with a substance-abuse problem.
"I have struggled for many years with a substance addiction," John Skipper said in announcing his move. "I have decided that the most important thing I can do right now is to take care of my problem. I have disclosed that decision to the company, and we mutually agreed that it was appropriate that I resign."
ESPN said that George Bodenheimer, who served as the network's president from 1998-2011, will take over for Skipper on an interim basis and help Disney CEO Robert Iger find a permanent replacement.
Iger said Monday that "I join John Skipper's many friends and colleagues across the company in wishing him well during this challenging time. I respect his candor and support his decision to focus on his health and his family."
Skipper's departure comes at a time when ESPN is struggling with declining revenues as more and more Americans "cut the cord" and move away from traditional cable TV. The network's woes have served as a drag on Disney's stock price.
Disney, which had been down 96 cents Monday morning prior to Skipper's announcement, swung in to positive territory following the news. It was trading at $111.51 at last check, up 24 cents on the day.
Indices Push Further Into the Record Books
The Dow Jones Industrial Average and other key indices opened at record highs Monday, with the DJIA up as much as 224.33 to 24,876.07 in the early going.
The S&P 500 likewise gained 19.16 to 2,694.97, while the Nasdaq 100 popped 52.47 points to 6,989.05.
Futures Point to Triple-Digit Opening Gains for the Dow
U.S. stocks appear poised for a strong opening Monday, with the futures indicating triple-digit opening gains for the Dow Jones Industrial Average on top of Friday's record-high close.
Dow futures were up 160 points shortly after 9 a.m. ET, while S&P 500 futures were ahead 10.25 and the Nasdaq 100 was indicated to open some 24.5 points higher. All three indices finished at all-time highs on Friday.
Among stocks in the news:
- Futures for Hershey (HSY) were trading down $1.63 at $112.51 following word that the chocolate giant plans to buy food firm Amplify Snack Brands (BETR) for $12 a share, or $1.6 billion in total. Amplify futures were up $4.95 -- or about 70% -- at $11.95.