Modest Gains Lift Dow And S&P 500 To New Record Closing Highs

(RTTNews) - Stocks moved modestly higher over the course of the trading day on Monday, adding to the strong gains posted last week. While buying interest was somewhat subdued, the markets still extended the upward trend seen in recent weeks.

While most of the major sectors ended the day showing only modest moves, considerable strength was visible among utilities stocks. The Dow Jones Utilities Average advanced by 1.6 percent, reaching its best closing level in almost two months.

FirstEnergy (FE) and PSEG (PEG) turned in two of the utilities sector's best performances, rising by 2.7 percent and 2.3 percent, respectively.

Significant strength also emerged among trucking stocks, as reflected by the 1.6 percent gain posted by the Dow Jones Trucking Index. The gain lifted the index to a record closing high.

Tobacco, airline, and steel stocks also saw notable strength on the day, while housing stocks showed a sizable move to the downside. The Philadelphia Housing Sector Index fell by 1.7 percent, partly offsetting last week's strong gains.

The major averages gave back some ground going into the close but managed to end the day in positive territory. The Dow edged up 19.96 points or 0.1 percent to 15,484.26, the Nasdaq rose 7.41 points or 0.2 percent to 3,607.49 and the S&P 500 inched up 2.31 points or 0.1 percent to 1,682.50.

With the modest gains on the day, the Dow and the S&P 500 reached new record closing highs, while the Nasdaq reached its best closing level since 2000.