Dow Sets Record as Bank Stocks Rally, Investors Shrug Off Italy
(Bloomberg) -- U.S. stocks climbed and the Dow Jones Industrial Average set a record as a rally in financial and technology shares reversed a dip in early trading after Italian voters rejected a constitutional referendum.
The S&P 500 rose 0.6 percent to 2,204.71 at 4 p.m. in New York as financial stocks extended a post-election rally to 14 percent. Eight of 11 primary groups advanced after the benchmark on Friday capped its first weekly decline since the presidential election Friday. The Dow rose 46 points to 19,216.24.
- Markit reports on services and manufacturing were in line with or better than expectations
- Federal Reserve officials announce a policy decision on Dec. 14; futures traders are pricing in a 100 percent chance they’ll boost borrowing costs, up from 68 percent at the start of November
- European Central Bank meets on Dec. 8; investors will be watching for insight on how Italy vote will factor into Mario Draghi’s quantitative easing program
- S&P 500 is heading for its first annual advance since 2014, up 7.9 percent this year
For more U.S. stock market news:
- Big Love for Small Caps Among Futures Traders Shorting S&P 500
- Smart Beta ETF Inflows Rise to $1.49 Billion, Led by Value Funds
- Siegel: 2.5-3% Growth Enough to Keep Rally Going