US stocks back in rally mode, Dow hits new record
This July 16, 2013, file photo, shows a Wall Street street sign outside the New York Stock Exchange. The Dow finished at a fresh record Monday as US stocks powered higher following a report showing strong growth in the services sector. AP
NEW YORK, United States — The Dow finished at a fresh record Monday as US stocks powered higher following a report showing strong growth in the services sector.
“We’re back in a rally mode,” said Art Hogan, chief market strategist at Wunderlich Securities.
Data from the Institute for Supply Management showed the US non-manufacturing sector accelerated in November at the fastest pace in over a year.
The Dow Jones Industrial Average advanced 0.2 percent to 19,216.24, about 25 points above the record set Thursday.
The broad-based S&P 500 rose 0.6 percent to 2,204.71, while the tech-rich Nasdaq Composite Index gained 1.0 percent to 5,308.89.
US stocks have repeatedly hit new records since the November 8 election on optimism about the possibility for pro-growth policies out of Washington.
Banking shares continued to rise amid expectations the Federal Reserve will hike interest rates. Dow members Goldman Sachs added 2.3 percent and JPMorgan Chase rose 2.0 percent.
Technology stocks, which have been volatile since the election, had a good day. Facebook increased 1.8 percent, Google parent Alphabet 1.6 percent and Adobe Systems 2.2 percent.
Other winners included technology stocks and travel shares. CBB
