The following is an excerpt from Johanna Bennett | November 21, 2016 | Barrons.com |
It looks like the benchmark U.S. stock indices are pulling out all the stops.
The S&P 500, as well as the Dow and the Nasdaq have all hit new record highs today, helped along by a sharp increase in oil prices. And joining the party are the small-cap Russell 2000 and the S&P Midcap 400.
It didn’t take much to set those records. The S&P 500 climbed almost 13.6 points, or 0.6% in recent market action to trade at 2,195.53 after earlier rising as high as 2,197.53.
Meanwhile, the Dow Jones Industrial Average climbed 0.4% today, while the Nasdaq gained 0.8% and the Russell 2000 added 0.3%. The S&P Midcap 400, meanwhile, climbed more than 0.5%.
As CNBC reported earlier:
The benchmark index on Monday hit a new record high for the first time since Aug. 15, breaking above 2,193.81. Leading the S&P higher were energy stocks, which surged around 2 percent on the back of soaring oil prices.
The S&P 500 reached its record on the same day the Dow Jones industrial average, the tech-heavy Nasdaq composite, the Russell 2000 and the S&P Mid Cap 400 all hit record highs. The Dow, Russell, Nasdaq and Mid Cap 400 had also hit record highs last week.
The S&P 500 was also within striking distance of 2,200. In October, a CNBC survey of 15 market strategists showed the average 2016 year-end S&P 500 target was 2,198.
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