Dow And S&P 500 Climb To New Record Closing Highs

Dow And S&P 500 Climb To New Record Closing Highs

Dow And S&P 500 Climb To New Record Closing Highs

The Dow industrials and the S&P 500 index on Monday closed at all-time highs, powered by a rebound in shares of technology companies, which had experienced a recent bout of weakness.

Crude oil was more than 1 percent lower with prices at $44 per barrel. With the upward move on the day, the Dow and the S&P 500 both climbed to new record closing highs.

Elsewhere, banks also found a bid after New York Fed chief William Dudley was quoted as having said at a roundtable discussion that the U.S. central bank should continue hiking rates.

The S&P 500 bank subsector was up 1.3 per cent At 2:48 P.M. (1848 GMT), the Dow Jones Industrial Average was up 119.2 points, or 0.56 per cent, to 21,503.48, the S&P 500 had gained 16.44 points, or 0.68 per cent, to 2,449.59 and the Nasdaq Composite had added 74.33 points, or 1.21 per cent, to 6,226.08.

Last month, the USA economy added 138,000 jobs, well below the expected gain of 185,000, while other data showed a fall in retail sales and inflation below the Fed's target of 2 percent.

The S&P 500 index showed 49 new 52-week highs and 10 new lows, while the Nasdaq recorded 99 new highs and 87 new lows.

Trading activity was somewhat subdued, however, as a lack of major US economic data kept some traders on the sidelines.

Amazon led technology stocks higher with its shares increasing 1.33% to US$1,000.96 following last week's announcement that it had agreed to buy Whole Foods.

Stocks in Google, Apple, and Alphabet all saw gains of around one percent Monday morning as tech leaders prepared for a summit at the White House.

Apple was one of the biggest gainers, rising more than 1.9% in early trade.

Canada's benchmark stock index rose on Monday, extending its recovery from a six-month low last week, as heavyweight financial shares rallied and after Hudson's Bay Co got a boost from an investor request for the company to explore strategic options. Japan's Nikkei 225 Index climbed by 0.6 percent, while Hong Kong's Hang Seng Index jumped by 1.2 percent.

The Nasdaq is up 855.90 points, or 15.9 percent.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.17 percent.

The Russell 2000 is up 60.95 points, or 4.5 percent.

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