Nasdaq hits all-time high, Dow rises 236 points behind soaring tech stocks

Aug. 3 (UPI) -- The Dow Jones Industrial Average gained more than 200 points and the Nasdaq composite index hit another record Monday high amid soaring tech stocks.

The Dow ended the day up 236 points, or 0.89%, the S&P 500 gained 0.72% and the Nasdaq increased 1.47% to an all-time high on the first day of trading in August.

Each of the three markets entered August coming off four consecutive monthly gains as the Nasdaq rose 6% during that time, the S&P 500, 5.5%, and the Dow, 2.4%.

Microsoft led the way Monday, jumping 5.62%, after confirming reports it has entered talks to buy TikTok amid threats by President Donald Trump and his administration to ban the app. Trump cited security concerns due to its Chinese parent company.

Apple stock increased 2.52%, while Netflix gained 1.99%.

Eli Lilly stock rose 1.7% after the pharmaceutical company announced it has begun stage-three trials of its experimental LY-CoV555 monoclonal antibody treatment for COVID-19.

Markets also reacted positively after the Institute for Supply Management's Purchasing Managers Index rose to 54.2% in July, surpassing the Dow Jones estimate of 53.8%.