Wall Street Extends Winning Streak to Seven Days
FOX Business: Capitalism Lives Here
The markets climbed on Monday, with the Dow and S&P 500 both advancing for the seventh session in a row, as traders shrugged off global economic and political woes.
Today's Markets
The Dow Jones Industrial Average rose 50.2 points, or 0.35%, to 14447, the S&P 500 climbed 5 points, or 0.32%, to 1556 and the Nasdaq Composite gained 8.5 points, or 0.26%, to 3253.
The blue-chip average ended at a record high once again, while the broad S&P 500 logged its highest close since October 2007. The broad-market average is within less than 1% of its all-time high as well.
Sentiment across world trading desks was slightly less optimistic as the new week kicked off. Markets in Asia were mixed, while European bourses were broadly lower. However, U.S. markets were able to shake off those worries.
The financial, health-care, utility and industrial sectors fared the best on the day, while telecommunications, energy and technology generally lagged. Volatility continued its journey lower, with the CBOE's VIX sliding more than 8% to its lowest level since 2007.
The yields on benchmark U.S. Treasuy bonds were up modestly as traders continued moving into equities. The 10-year yield climbed 0.016-percentage point to 2.058%.
Data released over the weekend showed China's industrial output growing at an annual pace of 9.9% in the first two months of the year, slower than the 10.5% economists expected. Retail sales expanded at a rate of 12.3%, also coming in shy of forecasts of 15.2%. China is the world's second-biggest economy, and while growth has remained robust, there have been concerns that it could cool dramatically as the global economy struggles.
Fitch sliced Italy's long-term credit rating one notch from "A-" to "BBB+" with a negative outlook in the middle of the U.S. session on Friday. European markets were already closed at the time, so traders there had their first chance to respond Monday. Italy's benchmark stock-market index sold off by 1%.
The downgrade "illustrates the [European Central Bank's] lack of control over elements in the matrix of risks assessed by investors and rating agencies," Guy Mandy, an analyst at Nomura wrote to clients over the weekend. The ECB was able to calm embattled eurozone debt markets by saying it is prepared to do whatever it takes to keep borrowing costs from spiking last fall.
Energy futures ended mixed after a choppy session. The benchmark U.S. crude oil contract climbed 11 cents, or 0.12%, to $92.06 a barrel. Wholesale New York Harbor gasoline sold off by 1.6% to $3.152 a gallon. In metals, gold ticked up by $1.10, or 0.07%, to $1,578 a troy ounce.
Foreign Markets
The Euro Stoxx 50 dropped 0.37% to 2719, the English FTSE 100 rose 0.31% to 6504 and the German DAX slipped 0.03% to 7984.
In Asia, the Japanese Nikkei 225 gained 0.53% to 12349 and the Chinese Hang Seng was essentially unchanged at 23091.
Follow Adam Samson on Twitter @adamsamson.