Without speedbumps, stocks keep rolling
S&P sets another record as markets lack negative force By Stan Choe Associated Press NEW YORK — Stocks around the world continued their march higher on Monday, and U.S. indexes again hit recordhighs.
Strong gains for Citigroup and other financial stocks helped the Standard &Poor’s 500 index rise 12.15 points, or 0.5 percent, to 2,328.25. It was the third straight day the index set a record. The Dow Jones industrial average gained 142.79, or 0.7 percent, to 20,412.16. The Nasdaq composite climbed 29.83, or 0.5 percent, to 5,763.96. Earlier in the day, markets rose across Europe and Asia.
Stocks have resumed their rally in recent days after stalling for a couple weeks. Stronger-than-expected profit reports from companies, continued improvement in the U.S. economy and expectations for business-friendly policies from Washington have helped propel the market.
With no major economic reports or other big news on Stocks in Asia and Europe climbed Monday before markets in the U.S. did the same. to follow the path of least resistance, analysts say.
“The market’s got such good momentum now that it’s going to continue until something slows it down,” said Randy Frederick, vice president of trading and derivatives at the Schwab search. “There’s really not any negative catalyst right now.”
The S&P 500 has climbed five straight days and is up 8.8 percent since Donald Trump won the White House in November.
Companies whose profits strength of the economy were some of Monday’s biggest gainers. Financial stocks in the S&P 500 rose 1.1 percent, the biggest gain among the 11 sectors that make up the index. Industrials rose 1 percent.
Roughly three stocks rose SHIZUO KAMBAYASHI/AP New York Stock Exchange.
The biggest stock in the S&P 500, Apple, is also at a record closing high. It rose $1.17, or 0.9 percent, to close at $133.29. The iPhone maker’s performance carries extra weight for many 401(k) accounts because of its status as the biggest publicly traded company in the world.
Zeltiq Aesthetics jumped $6.53, or 13.2 percent, to $55.93 after Allergan said it would buy the company whose CoolSculpting system helps people reduce bulges of fat. Allergan agreed to pay $56.50 per share for Zeltiq.
The only sector in the S&P 500 to fall on Monday was telecoms, which sank on worries that more pricing wars may be on the way Several events are on the schedule that could shift the market’s momentum Federal Reserve Chair Janet Yellen will offer testimony on Capitol Hill on Tuesday and Wednesday to update the Senate and House on monetary policy. Most investors expect the central bank to keep raising interest rates in 2017, though at a modest pace.
The government will also offer updates on the state of inflation, on both the consumer and the wholesale levels. Many investors expect inflation to rise due to policies proposed by President Donald Trump and congressional Republicans though the bond market doesn’t seem to be forecasting a runaway spike.
Strong gains for Citigroup and other financial stocks helped the Standard &Poor’s 500 index rise 12.15 points, or 0.5 percent, to 2,328.25. It was the third straight day the index set a record. The Dow Jones industrial average gained 142.79, or 0.7 percent, to 20,412.16. The Nasdaq composite climbed 29.83, or 0.5 percent, to 5,763.96. Earlier in the day, markets rose across Europe and Asia.
Stocks have resumed their rally in recent days after stalling for a couple weeks. Stronger-than-expected profit reports from companies, continued improvement in the U.S. economy and expectations for business-friendly policies from Washington have helped propel the market.
With no major economic reports or other big news on Stocks in Asia and Europe climbed Monday before markets in the U.S. did the same. to follow the path of least resistance, analysts say.
“The market’s got such good momentum now that it’s going to continue until something slows it down,” said Randy Frederick, vice president of trading and derivatives at the Schwab search. “There’s really not any negative catalyst right now.”
The S&P 500 has climbed five straight days and is up 8.8 percent since Donald Trump won the White House in November.
Companies whose profits strength of the economy were some of Monday’s biggest gainers. Financial stocks in the S&P 500 rose 1.1 percent, the biggest gain among the 11 sectors that make up the index. Industrials rose 1 percent.
Roughly three stocks rose SHIZUO KAMBAYASHI/AP New York Stock Exchange.
The biggest stock in the S&P 500, Apple, is also at a record closing high. It rose $1.17, or 0.9 percent, to close at $133.29. The iPhone maker’s performance carries extra weight for many 401(k) accounts because of its status as the biggest publicly traded company in the world.
Zeltiq Aesthetics jumped $6.53, or 13.2 percent, to $55.93 after Allergan said it would buy the company whose CoolSculpting system helps people reduce bulges of fat. Allergan agreed to pay $56.50 per share for Zeltiq.
The only sector in the S&P 500 to fall on Monday was telecoms, which sank on worries that more pricing wars may be on the way Several events are on the schedule that could shift the market’s momentum Federal Reserve Chair Janet Yellen will offer testimony on Capitol Hill on Tuesday and Wednesday to update the Senate and House on monetary policy. Most investors expect the central bank to keep raising interest rates in 2017, though at a modest pace.
The government will also offer updates on the state of inflation, on both the consumer and the wholesale levels. Many investors expect inflation to rise due to policies proposed by President Donald Trump and congressional Republicans though the bond market doesn’t seem to be forecasting a runaway spike.
PREVIOUS ARTICLE
