The Dow rose to a one-month high Monday, extending its winning streak to a sixth day. Investors cheered the U.S. move to scrap its plans of slapping tariffs on Mexico, driving the Nasdaq up 1 percent.
But Kenny & Co. founder Peter Kenny thinks this rebound rally is not sustainble.
SOUNDBITE: GLOBAL MARKETS ADVISORY GROUP SENIOR MARKET STRATEGIST PETER KENNY (ENGLISH) SAYING:
"The factor that really drove the market was U.S.-China trade, and that is completely unresolved and still very much out there in the market and still very much going to have to be dealt with in addition to which I think we have other factors which should continue to provide some headwinds to any sort of really meaningful moves to the upside."
Tech stocks like Apple and Microsoft led the rally. Tableau Software's shares jumped after Salesforce.com said it'll buy the big data firm for $15 billion.
Shares of Raytheon rose. Aerospace giant United Technologies agreed to buy the defense contractor in a deal that'll create a new company worth $121 billion.
Kraft Heinz gained. The packaged food maker said the financial numbers it restated last month were accurate. But they're still under review by the U.S. Attorney's Office.