NEW YORK, New York - The Nasdaq hit another record high on Monday as America's thirst for technology stocks continued.
Investors were not perturbed at the extraordinary demand that TikiTok be banned, and Secretary of State Mike Pompeo's indication on Sunday that the censuring could extend to other Chinese-owned companies including wechat.
Adding fuel to the fire Mr Trump, who flipped on a decision to also prevent a sale to Microsoft by then reversing that edict to allow Microsoft, or another American-owned company to aquire it within 45 days, then announced that the U.S. should get a 'substantial portion' of the sale price - estimated to be around $50 billion.
These actions sound a warning bell for any company wanting to do business in the United States. As many countries around the world that have seen assets in the U.S. frozen as part of sanctions, the incentive of investing in the United States is also diminishing.
Regardless, U.S. stocks and the dollar made solid advances on Monday. Microsoft jumped 5.60% on the news that it had a pathway to acquire TikTok from what is now a 'forced seller.'
At the close of trading Monday the Dow Jones Industrial Average was ahead 236.10 points or 0.89% at 26,664.40.
The Standard and Poor's 500 rose 23.49 points or 0.72% to 3,294.51.
The unstoppable Nasdaq Composite gained 157.50 points or 1.47% to 10,902.80, a new record closing high.
The U.S. dollar had its best day in a long while as profit-taking trimmed gains from a basket of currencies. The big gains were made in the Asian time zone, with the dollar clinging to those throughout the European and U.S. trading sessions.
By the New York close on Monday the euro was trading at 1.1761, well down from its Friday high above 1.1900. The British pound was weaker at 1.3076. The Japanese yen, which hit a high of 104.17 on Friday, was trading at 105.99 Monday. The Swiss franc eased to 0.9175.
The Canadian dollar was friendless, although it gained a few points in the U.S. session to last trade at 1.3393. The Australian and New Zealand dollars were weak at 0.7121 and 0.6613 respectively.
Overseas equity markets saw sharps gains in Europe and the UK, but a mixed performance in Asia.
The London FTSE 100 rose 2.29%. The German Dax jumped 2.71%, while the Paris-based CAC 40 rose 1.93%.
On Asian markets, the Nikkei 225 in Japan was well ahead. The key index gained 485.38 points or 2.24% to 22,175.38 Monday.
Australian stocks were weaker as a state of emergency was declared in the country's second-most populous state, Victoria. The city of Melbourne, Australia's second largest has gone into an extended, and expanded, lockdown with all retailers not involved in food ordered to close. 429 coronavirus cases and thirteen deaths were recorded overnight.
The Australian All Ordinaries index fell 4.40 points or 0.07% to 6,053.90.
In China, the Shanghai Composite jumped 57.96 points or 1.75% to 3,367.97.
Hong Kong's Hang Seng closed 137.22 points or 0.56% lower at 24,458.13.