Wall Street moves deeper into record territory

Stocks are opening broadly higher on Wall Street, extending gains from last week and moving further into record territory. 

The Dow Jones Industrial Average crossed the 26,000 mark for the first time in more than six months, moving as high as 26,012 — a gain of 222 points, or .8 percent. The Nasdaq composite climbed 69 points, or 0.9 percent, to 8,013.

The S&P 500 index rose 18 points, or 0.6 percent, to 2,892.

Technology companies and banks were among the biggest winners in early trading Monday. Facebook rose 1 percent and Goldman Sachs gained 1.2 percent.

Consumer-focused companies were also doing well in the early going. Netflix was up 2.2 percent.

Electric car maker Tesla slipped 0.4 percent after CEO Elon Musk said late Friday he was scrapping the idea of taking the company private.

Lifting stocks were news that the U.S. and Mexico had reached a preliminary free-trade agreement, marking a breakthrough in NAFTA negotiations that had appeared stalled for months. Markets were also reacting positively to Federal Reserve chairman Jay Powell’s remarks on Friday that the economy seemed on track, TD Securities wrote in a research note Friday.

“Markets gave a dovish interpretation to Powell’s suggestion that there is not an elevated risk of the economy overheating, and inflation appeared unlikely to accelerate beyond 2%,” analysts wrote.

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Categories: Business

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