The benchmark S&P 500 index climbed to an intraday record Monday as investors flocked to U.S. equities following a surprisingly strong jobs report last week.
The S&P 500 SPX, +0.52% most recently was trading 6 points, or 0.3%, higher at 2,136.22, surpassing the previous intraday record of 2,134.72 set on May 21, 2015 when the large-cap benchmark scored a record close at 2,130.82. The index traded as high as 2,139. 45 in early Monday trade. Gains were led by technology, energy and industrials stocks, while defensive sectors such as utilities, telecoms and consumer-staples were trading lower.
“It is amazing to see what very low interest rates globally could do for [equities]. Stocks are being driven to new highs in part because of search for yield and in part on anticipation that earnings will start improving this year,” said Eric Wiegand, senior portfolio manager at the Private Client Reserve, U.S. Bank.
Wiegand noted that given the fact that stocks are fully valued, “volatility will remain the name of the game.”