The S&P 500 and Dow Industrials moved higher on Monday, with the Dow hitting an intraday record as energy and bank stocks gained, but continued weakness in the technology sector pulled the Nasdaq lower.
The S&P energy index rose 2.0 percent, its best performance in nearly a month, led by gains in Exxon Mobil and Chevron.
Both Brent and U.S. crude climbed more than 1 percent to resume its longest stretch of daily rallies in more than five years after data pointed to moderating U.S. output, pushing energy names higher.
“Oil is rallying today so that is causing some excitement in the energy space, but that is what you would expect because oil has been so beaten up,” said Ken Polcari, Director of the NYSE floor division at O’Neil Securities in New York.
Dow hit a new intraday all-time high! I wonder whether or not the Fake News Media will so report?
— Donald J. Trump (@realDonaldTrump) July 3, 2017