US stocks close mixed as investors brace for midterm elections

The Nasdaq Composite Index was down 28.14 points, or 0.38 per cent, to 7,328.85.

US stocks closed mixed as investors got ready for the upcoming midterm elections.

The Dow Jones Industrial Average on Monday increased 190.87 points, or 0.76 per cent, to 25,461.70. The S&P 500 rose 15.25 points, or 0.56 per cent, to 2,738.31, Xinhua news agency reported.

The Nasdaq Composite Index was down 28.14 points, or 0.38 per cent, to 7,328.85.

The Dow's gains were led by IBM. Shares of the company rose 3.8 per cent, at market closing.

Eight of the 11 primary S&P 500 sectors traded higher, with real estate and energy up 1.69 per cent and 1.61 per cent, respectively, leading the advancers.

Some of the major US tech shares pulled back, dragging the Nasdaq.

Apple shares dipped 2.84 per cent at the close. The decline came after Rosenblatt Securities downgraded Apple amid expectations of lower iPhone sales.

Amazon's stock closed 2.27 per cent lower after US President Donald Trump said the administration was looking into antitrust violations committed by the e-commerce giant.

US voters will head to the polls on Tuesday and the results of the country's midterm elections can send ripples throughout capital markets, experts noted.

On the economic front, the ISM non-manufacturing index hit 60.3 per cent, higher than analysts' expectations.

(With inputs from agencies.)