Led by gains in the financial and energy sectors, the Dow Jones Industrial Average set another all-time high at Monday’s open on bullish data from the services sector of the U.S. economy, as well as a fourth day higher in oil futures. The continued rebound in the technology sector was driving the Nasdaq Composite higher by 1.0%, making it the top performer among the benchmark indices.
Early turmoil in European markets tied to the fallout from the Italian referendum failed to derail Wall Street’s post-Election Day rally as investors shifted their focus to this morning’s economic data and next week’s Federal Open Market Committee meeting.
New data on the services sector of the economy added to expectations that the Fed will hike rates by 25 basis points on Dec. 14 after the Institute for Supply Management’s non-manufacturing index hit a 13-month high of 57.2 in November, beating forecasts for a gain to 55.5 from October’s 54.8.
And although a comparable index from U.S. purchasing managers declined slightly last month to 54.6 from 54.8 in October, it is still at its highest level in eleven months.