Stocks climbed Monday as Wall Street sought to build on last week’s rally to record highs. Tesla rose 7%, Coinbase rose 10%.
Monday’s action follows a big week for U.S. stocks, with the three major averages closing at all-time closing highs. The Dow and S&P 500 both notched their strongest weeks in around one year, with the former at one point breaking above the 44,000 level for the first time.
Last week’s rally was broad, with both the tech-heavy Nasdaq Composite and small cap-focused Russell 2000 also advancing.
A large chunk of the week’s gains came Wednesday, when the Dow rallied 1,500 points after Donald Trump won the presidential election. Traders also closely followed Thursday’s Federal Reserve policy announcement — where it was revealed that interest rates would be once again lowered — and the subsequent press conference with Chair Jerome Powell.
“Investors hate uncertainty, and, with the election decided, markets now have clarity, and are able to lay fears of a contested election to rest,” Northern Trust investment chief Katie Nixon wrote to clients on Friday. “Investors can now train their focus on what matters most to markets — economic and corporate fundamentals.”
There is no economic data of note expected Monday, but investors will be awaiting inflation readings due out later in the week. Ticketmaster parent Live Nation and food and facility service provider Aramark are among companies reporting earnings on Monday.