NEW YORK — Stocks ticked higher Monday as investors looked past this weekend’s failed coup attempt in Turkey and nudged the Standard & Poor’s 500 index to another record.
The S&P 500 rose 5.15 points, or 0.2 percent, to 2,166.89. It was the fifth time in the last six days that the index set a closing high. The Dow Jones industrial average rose 16.50, or 0.1 percent, to 18,533.05. The Nasdaq composite rose 26.19, or 0.5 percent, to 5,055.78.
The stock market has been on a mostly upward swing since February, notwithstanding a few setbacks, after shrugging off worries about fragile economies overseas, weaker profits at home and sundry other challenges. Add one more to the list: Friday’s military uprising in Turkey.
Currency traders had the first chance to react to the attempted coup, which caught investors’ attention after most stock markets were closed late Friday, and the initial reaction was one of fear. But by the time stock markets around the world opened for trading Monday, most reacted with a shrug, and the Turkish lira recovered some of its steep losses.
“The market is looking at things with a half-full lens these days, and there’s some basis for the market to take this in stride,” said Matthew Peron, head of global equity at Northern Trust Asset Management.
The coup attempt was quickly halted. Plus, economic reports around the world have been coming in better than analysts expected. “There is a firmer footing to the global economy, and this isn’t enough to knock that narrative,” Peron said.
Technology stocks led the way, rising 0.7 percent after SoftBank Group agreed to buy British chip designer ARM Holdings for $32 billion. ARM’s U.S.-listed shares soared $19.09, or 40.6 percent, to $66.17.
Financial stocks gained after Bank of America reported earnings that were better than analysts were expecting. Banks have been struggling with low interest rates, which limit the profits they can earn from making loans.
The day atop the leaderboard for tech and bank stocks marks a turnaround from their performance earlier this year. Financial stocks are the only sector of the S&P 500’s 10 that are still down for 2016, while technology has made one of the smallest gains.
For much of the year, investors have flocked instead to industries seen as offering a steadier ride. These are also ones that tend to pay the biggest dividends. Telecom stocks are up 22.1 percent, versus the S&P 500’s 6 percent rise, for example.
