Stocks closed modestly higher on Wall Street Monday, extending the major indexes’ milestone-shattering run.
The S&P 500 index notched its third-consecutive all-time high. The Dow Jones Industrial Average and Nasdaq composite also set record highs.
Technology, industrial and health care stocks led the gains. Energy companies rose along with the price of crude oil. Communication services stocks, household goods makers and banks fell. Utilities took the heaviest losses as investors shifted money away from more defensive sectors.
Shares of Boeing jumped after the company said its CEO has resigned, as the crisis related to its marquee 737 Max aircraft drags on. Apache Corp. soared after it announced a joint venture to develop an oil field in Suriname.
Homebuilders fell broadly after the Commerce Department said new home sales increased in November at a slower rate than analysts expected.
The market’s latest gains came on a day of mostly muted trading as investors kicked off a holiday shortened week. U.S. markets were scheduled to open for only a half day on Tuesday and then close Wednesday for Christmas.
“Right now, a lot of people have gone home for the year and the path of least resistance is higher,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. “It’s hard to see any kind of meaningful trend change between now and the end of the year.”
The S&P 500 inched up 2.79 points, or 0.1 percent, to 3,224.01. The Dow gained 96.44 points, or 0.3percent, to 28,551.53.
The Nasdaq climbed 20.69 points, or 0.2 percent, to 8,945.65. The index, which is heavily weighted with technology stocks, is on a nine-day winning streak.
The Russell 2000 index of smaller company stocks rose 2.24 points, or 0.1 percent, to 1,674.14.
Bond prices fell. The 10-year Treasury yield rose to 1.93 percent from 1.91 percent late Friday.
Momentum for stocks has been clearly upward for months, driving the major stock indexes to record highs.
