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The Dow Jones Industrial Average surged more than 400 points on Monday and was on pace for a record close as Wall Street’s postelection rally presses forward.
The Dow Jones Industrials hurtled 364.42 points to 44,353.41.
The S&P 500 index gained 11.73 points to 6,007.27.
The NASDAQ slid 19.07 to 19,264.15.
JPMorgan Chase and Goldman Sachs popped 1.7% and 2.2%, respectively, to lead the Dow higher. Bank of America and Citigroup shares were also up more than 2% each. The cohort has posted sharp gains since Donald Trump’s election win last week, as investors hope his return to the White House could lead to easier regulation of the banking sector.
Bitcoin surged above $82,000, boosted by hopes of deregulation as well. Crypto related stocks Coinbase and Mara Holdings rallied 21% and 16%, respectively. Tesla soared more than 8%, also adding to its postelection gain.
There is no economic data of note expected Monday, but investors will be awaiting inflation readings due out later in the week.
Bond markets were closed Monday for Veterans Day
Oil prices stumbled $2.11 to $68.27 U.S. a barrel.
Prices for gold faltered $74.20 an ounce to $2,620.60 U.S.
