The Dow Jones Industrial Composite Index soared to a new record one-day trading high Monday morning, which was fueled largely by rising technology and financial stocks.
Initially, investors expected a possible shock to the U.S. stock market Monday, after Italian voters rejected the referendum to reform its constitutional rules. Italian markets took some initial hits after news broke of the results Sunday, but European stocks weathered the storm.
Despite concerns, the Dow continued its record-setting performance from November, hitting 19,274.85 for the first time ever Monday morning. The index hit new record highs six times after President-elect Donald Trump won the White House, gaining over 1,000 points in just a week. In total, the Dow has risen 5 percent since Nov. 8.
Financial stocks have been on a tear since Election Day, and heavily bolstered the market’s Monday gains. Goldman Sachs’ shares rose 2.2 percent Monday to a nine-year high, and JP Morgan Chase & Co was up 1.4 percent.
Technology stocks had an incredible Monday morning as well — Microsoft, Cisco, Intel and IBM all posted in the green.
Eight out of the 11 S&P 500 sectors were higher, with financials gaining 1.3 percent and technology stocks gaining 1.05 percent. The S&P index was up 12.93 points, or 0.59 percent, as of 1:17 p.m. Monday.
The S&P posted 41 new 52-week highs, and the NASDAQ reported 154 new highs.
Investors are anxiously anticipating the Federal Reserve Banks meeting later in December, as Fed Chairwoman Janet Yellen has hinted the Federal Reserve is likely to raise interest rates for the first time since last December.
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