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Dow, S&P 500 hit new closing highs

Jane Onyanga-Omara
USA TODAY
A trader works on the floor of the New York Stock Exchange.

Stocks' winning ways continued Monday as the Dow and S&P 500 set new closing highs.

It's the 29th time this year the blue-chip Dow has set a new record at the close. The broader S&P 500 has now hit an all-time closing high 46 times this year.

Wall Street is hoping to extend its five-week winning streak in this holiday shortened week.

The technology and consumer discretionary sectors were the biggest gainers as the tech-heavy Nasdaq composite index finished up 0.9%, climbing 42 points to 4754.89.

The Dow Jones industrial average ended up a scant 0.04%, climbing nearly 8 points to its all-time closing high of 17,817.90. Up a heftier 0.3% -- 6 points -- was the Standard & Poor's 500 index, which ended at its new closing high of 2069.41.

"You clearly have momentum favoring stocks right now," said Russ Koesterich, chief investment strategist at Blackrock. "You have a persistence of low interest rates and, if anything, long-term rates continue to grind lower in most parts of the world."
Asian stocks rose Monday after China's central bank unexpectedly cut interest rates late Friday, as investors looked ahead to European inflation data due out this week and Thursday's OPEC meeting to discuss oil production levels.

Hong Kong's Hang Seng index gained 2% to 23,893.14 and the Shanghai Composite grew 1.9% to 2532.88. Tokyo was closed for a holiday.

European stocks were mostly higher as Germany's DAX index rose 0.5% to 9785.54 and France's CAC 40 gained 0.5% to 4368.44. Britain's FTSE 100 index was lower, dropping 0.3% to 6729.79.

Friday, the Dow climbed 91 points, or 0.5% to a new all-time finishing high of 17,810.06. The S&P 500 gained 11 points to a record close of 2063.50. The Nasdaq rose 11 points to 4712.97.

Contributing: Associated Press

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