The S&P 500 and Dow Jones Industrial Average closed at a record highs on Monday, as investors eyed an economic recovery from the coronavirus and awaited cues from the Federal Reserve this week amid caution over rising borrowing costs.
The S&P 500 has gained almost 6% in 2021, while the Dow has added nearly 8%.
The Dow Jones Industrial Average rose 0.53% to end at 32,953.46 points.
The S&P 500 gained 0.65% to 3,968.94.
The Nasdaq Composite climbed 1.05% to 13,459.71.
It remains down almost 5% from its Feb. 12 record high close.
It was the Dow’s sixth straight record high close in a recent surge fueled by mass vaccinations and congressional approval of a $1.9 trillion aid bill. Expectations of a recovery accelerated demand for stocks expected to outperform as the economy reopens, such as banks, energy, materials companies.
On Monday, the Russell growth index outperformed the Russell value index in a modest reversal of investors’ recent trend away from technology and other high-growth stocks.
At the end of Fed’s two-day meeting on Wednesday, policymakers are expected to forecast that the U.S. economy will grow in 2021 at its fastest rate in decades while reiterating their dovish stance for the foreseeable future.
The yield on benchmark 10-year Treasuries ticked lower to 1.60%, below its 13-month peak of 1.64% on Friday. Wall Street has been roiled in recent weeks by a spike in longer-dated U.S. bond yields due to fears of an increase in inflation.
Volume on U.S. exchanges was 12.5 billion shares, compared with the 14.5 billion average for the full session over the last 20 trading days.
Reference: CNBC, Reuters
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