Caroline Valetkevitch reports: All three major U.S. stock indexes were on track to hit closing records on Monday, helped by gains in energy and other commodity-related shares and as Facebook led a jump in technology.
“I think the post-election rally is continuing. There was some concern that rates might rise too far, but it looks like they may have slowed down a little bit.”
— Bucky Hellwig, senior vice president at BB&T Wealth Management
The indexes, all of which hit intraday record highs, have rallied since the Nov. 8 U.S. election, with investors snapping up shares of banks, health care and other companies expected to benefit from President-elect Donald Trump’s policies.
[ALSO SEE – Poll: Trump’s popularity soars after election]
The energy index .SPNY gained 2.1 percent to a 16-month high, dominating the gainers among the 11 major S&P sectors, as U.S. oil prices jumped 3.9 percent. Hopes that the OPEC would agree to an output cut next week lifted oil prices. The S&P materials index .SPLRCM was up 1 percent. Read the rest of this entry »
— Dinesh D’Souza (@DineshDSouza) July 31, 2014