US stock indices surged to record high on Monday, following last week’s rally as optimism on proposed tax cuts and expectations of an easier regulatory environment after Donald Trump won the US presidency continued.
The market sentiments are also high after a cut to interest rates by the Federal Reserve last week to bolster the economy.
The Dow Jones Industrial Average rose 390.08 points, or 0.89 per cent, to 44,379.07, the S&P 500 gained 13.36 points, or 0.22 per cent, to 6,008.90, and the Nasdaq Composite lost 1.11 points, or 0.01 per cent, to 19,285.66.
Elon Musk’s Tesla climbed 8.4 per cent.
Stocks of Goldman Sachs and JPMorgan Chase jumped 2.7 per cent and 1.5 per cent, respectively.
Trump Media & Technology Group stock rose 4.1 per cent.
In the crypto market, world’s largest cryptocurrency bitcoin soared above $82,000 for the first time. It hit a record of $82,493 in early trading, according to CoinDesk.
Trump has pledged to make the US the crypto capital of the world.
Crypto stocks such as Coinbase Global jumped 12.6 per cent and bitcoin miners MARA Holdings and Riot Platforms gained 16.7 per cent and 15.8 per cent, respectively.
The bond market was closed on Monday in observance of Veterans Day.
This week, investors’ focus will be on consumer price inflation and retail sales data.
Crude oil
Oil prices fell about 2 per cent on Monday as the US dollar edged higher and as China’s stimulus plan disappointed investors.
Brent crude futures were down $1.83, or 2.48 per cent, to $72.04 a barrel by 1444 GMT while US West Texas Intermediate crude futures were at $68.47 a barrel, down $1.91, or 2.71 per cent.
Bullion
Gold prices slipped more than 2 per cent on Monday on strong US dollar.
Spot gold fell 2.3 per cent to $2,666.48 per ounce, as of 10:12 am ET (1511 GMT). US gold futures fell 2.42 per cent to $2,629.40.
Spot silver fell 2.3 per cent to $30.58 per ounce.
