S&P 500 Sets New Record High, Energy Sector Dominates The Market
Nov, 21st 17:38
U.S. equities rose to records on Monday although gains were modest. The rally was powered by a strong surge in oil prices and a pullback in the greenback.
The S&P 500 index topped its all-time intraday high of 2,193.43 recorded August 15th on in late-morning trade, led by energy stocks. Oil prices reached three-week highs on Monday, boosted by expectations that OPEC was closing in on a deal to cut production. The energy sector led the gainers among 11 major S&P sectors, rising 2.2 percent.
Meanwhile, the U.S. dollar lost its luster following a long rally. The dollar index, which measures the currency against a basket of six currencies, dropped 0.39% as Treasury yields tumbled.
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