Wall Street rose on Monday, with the Dow Jones industrials setting fresh record highs, as services sector data gave further evidence of strength in the domestic economy. Bobbi Rebell reports.
The Dow at yet another all-time high on Monday with the energy sector rising after Crude oil hits a 16-month high. The S&P 500 and Nasdaq also turning in impressive performances. Much of the Dow's recent rise has been driven by industrial and bank stocks, which are expected to benefit from infrastructure spending and simpler regulations under a Trump administration. Goldman Sachs hitting a 9-year high helping to further lift the financial sector- which Convergex's Nick Colas says has even more upside: SOUNDBITE: NICHOLAS COLAS, CHIEF MARKET STRAETEGIST, CONVERGEX (ENGLISH) SAYING: "You finally have a steepening yield curve. You have the promise of some deregulation in the space potentially next year. As a result, we've seen over 9 billion dollars of money flow into financials, just U.S. financials, over the past month. The most of any of the sectors in the S&P. So it clearly is a crowd favorite and I think rightly so. And valuations are still not stretched there which you can't say about the rest of the market. " Health insurers including Aetna and Humana lost ground after Justice Department attorneys argued to a judge that Aetna's proposed acquisition of Humana violated antitrust law for its Medicare and Obamacare exchange businesses. U.S. services sector activity hit a one-year high in November, with a surge in production boosting hiring, following on the heels of Friday's employment report that showed strong job gains last month European shares shrugged off worries about instability in Italy to close with gains in the major country indexes.