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Maree Williams/Getty
US stocks opened higher on Monday, pushing the benchmark S&P
500 index above its all-time closing record.
The index gained 0.4% to as high as 2,191.70, topping the
previous record of 2,190.15. Its intra-day high is
2,193.81.
Also, the tech-heavy Nasdaq climbed 0.73% to a record
high.
The Russell 2000, which includes small-cap companies that
are worth no more than roughly $2 billion, also rose to a
new high.
After the election of Donald Trump,
investors pulled money out of bond funds and into equity
funds at an unprecedented rate. They bet there would be higher
inflation if Trump carries out his fiscal spending plans, which
would be hurtful to bond returns.
On Monday, stocks gained alongside
crude oil, which rallied after Russian President Vladimir
Putin said that a production-freeze agreement with
other OPEC members «is not an issue for us.» The group of oil
producers is set to meet at the end of the month to discuss
production limits.
Other commodities are also rallying. Natural gas is up
as parts of the East Coast experience their first real
freezing weather of the season, increasing demand for heating.
Copper is up 2% amid talk of higher Chinese imports, while
gold and silver are rebounding from their post-election
sell-off.
It’s a shortened trading week due to Thanksgiving on Thursday,
and volumes could shrink as the week progresses and traders take
time off. The stock market will be open only until 1 p.m. ET on
Friday.
Minutes of the Federal Reserve’s most recent meeting will be
released on Wednesday. But traders have long been fixated on the
outcome of the December gathering. On Monday, Fed fund futures
showed that they were 100% sure
the Fed will raise interest rates at that meeting.
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