The Dow, S&P 500 and the Nasdaq pulled another triple play Monday, closing at record highs, as investors prepared for an important week for inflation-related economic data releases following the weekend passage of President Joe Biden’s $1 trillion infrastructure bill.
The Dow Jones Industrial Average finished up 104 points, or 0.29%, to 36,432 and hit an intraday high, while the S&P 500 advanced 0.16% to close at 4,701, and the Nasdaq gained 0.07%. to 15,982.
“The stock market kicked off November the way it wrapped up October — with bulls in charge,” said Chris Larkin, managing director of trading, E*Trade Financial. “Boosted by a vote of confidence from the Fed, the S&P hit new record highs each day to log its strongest week since June and sent small-caps higher.”
Larkin added that “we don’t have a crystal ball to predict the next pullback, but with the market continuing to push to new highs, traders should be prepared for the possibility of the old adage, ‘what goes up must come down’, becoming a reality.”
Stocks ended last week on a high note, with the S&P 500 extending its advance to a fifth consecutive week thanks in part to a stronger-than-expected reading for October jobs gains, dovish signaling from the Federal Reserve on interest rates and a solid corporate earnings season.
In company news, Advanced Micro Devices soared after the chipmaker announced new specialized processors for different data-center workloads, while adding Facebook parent Meta Platforms as a chip customer.
United States Steel closed higher leading solid gains for its sector rivals, after lawmakers passed a $1 trillion “once in a generation” infrastructure bill that will direct billions of investments into roads, rail and public transportation.
Alphabet shares traded at a record high Monday, lifting the value of the Google parent company past $2 trillion for the first time, joining Apple and Microsoft as the only American companies to have passed that historic threshold.
Ether continued its record-setting rally, surpassing $4,700 for the first time, as the cryptocurrency that runs on the Ethereum blockchain continued to both ride bitcoin’s coattails and attract retail and institutional interest amid inflation concerns.
Bitcoin traded higher after briefly topping $66,000 overnight on Sunday with an eye to breaching its previous record of $66,975 reached on Oct. 20.
Meanwhile, Tesla slumped after founder and CEO Elon Musk indicated he could sell around 10% of his stake in the clean-energy carmaker.
This article was originally published by TheStreet.