Though trading volume was lower than usual on Monday because of the holiday, stocks inched up and The Dow Jones Industrial Average closed at a record high for the third time in a week. The Dow Jones industrial average closed at 15,783.10 on Monday.
The Dow Jones climbed 21.32 points on Monday, after closing at 15,61.78 on Friday and raising 128 points to close at 15,746 last Wednesday. Friday’s positive jobs report, which showed modest gains, is largely responsible for last week’s peak. More broadly, “Corporate earnings have been strong, and the view is that the Fed is on hold for the foreseeable future, so the focus turns to the holiday season, and the strength of the U.S. consumer,” Alan Skrainka, chief investment officer at Cornerstone Wealth Management, told CNBC.
The S&P 500 gained 1.27 points and ended at 1771.88, a close only slightly under its Oct. 29 record of 1,771.95.