The Nasdaq hit
a record intraday high on Monday, while the S&P and the Dow were within a
hair's breadth of their all-time highs, helped by a jump in technology shares
and as a surge in oil prices boosted energy stocks.
The three
major indexes have rallied since the U.S. election as investors bet Donald
Trump's policies would be market friendly. The Dow hit a record intraday high
last week.
Oil prices
jumped 3.45 percent to a near three-week high on hopes that the OPEC would
agree to an output cut next week and the dollar index's .DXY first drop in 11
days.
The energy
sector .SPNY dominated the gainers among the 11 major S&P sectors, rising
2.2 percent. Chevron (CVX.N)
and Exxon (XOM.N)
rose 1.5 percent each and were the top influences on the index on which only
one stock was in the red.
The technology
index .SPLRCT, which had dropped 0.4 percent since the election, was up 0.44
percent. It was boosted by Facebook's (FB.O)
2.3 percent rise after the company announced a $6 billion share buyback
program.
A spate of
tech deals also boost sentiment in the sector as well as the broader market.
"I think
the (post-election rally) is continuing today but the volumes are very low.
This is holiday trading and there is no conviction in the move and it's already
fading," said Phil Davis, chief executive of PSW Investments.
At 11:05 a.m.
ET (1605 GMT) the Dow Jones Industrial Average .DJI was
up 35.38 points, or 0.19 percent, at 18,903.31. It hit a record intraday high
of 18,934.05 on Nov. 14.
The S&P
500 .SPX was
up 9.04 points, or 0.41 percent, at 2,190.94. That was just two points off its
record high of 2,193.81 notched in August.
The Nasdaq
Composite .IXIC was
up 22.50 points, or 0.42 percent, at 5,344.02, easing after a record of
5,362.47.
LifeLock (LOCK.N)
surged more than 15 percent after Symantec (SYMC.O)
said it would buy the identity theft protection company for $2.3 billion.
Symantec rose 2.7 percent.
Applied Micro
Circuits (AMCC.O)
jumped 11 percent after Macom Tech (MTSI.O)
said it would buy its fellow chipmaker for $770 million. Macom was off 5.6
percent.
Tyson Foods' (TSN.N)
15.5 percent slump led the losers on the S&P after the meat processor
reported a lower-than-expected profit and said its CEO would step down.
Advancing
issues outnumbered decliners on the NYSE by 1,989 to 867. On the Nasdaq, 1,384
issues fell and 1,283 advanced.
The S&P
500 index showed 32 new 52-week highs and three new lows, while the Nasdaq
recorded 174 new highs and five new lows.
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