The benchmark S&P 500 index set a new all-time high, passing like a race car by its previous peak in May 2016, as investors flocked to U.S. equities following an exceptionally strong jobs report last Friday.
The S&P 500 was recently trading 10 points, or 0.5% higher at 2,139.70. The index was up 11 points early Monday trade, topping its previous record intraday high of 2134.72 in May 2015. Gains were led by technology, energy and industrials stocks, while defensive sectors such as utilities, telecoms and consumer-staples were trading lower.
Eric Wiegand, senior portfolio manager at the Private Client Reserve, U.S. Bank commented:
“The S&P 500 can easily fluctuate between 1,900 and 2,200 through the end of the year.”
The Dow Jones industrial average, on the other hand, was up 110 points, 0.6% to 18,257, meaning 55 points from its record closing high of 18,312.39.