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London, United Kingdom — US and European stocks mostly climbed, while the dollar rose and bitcoin extended a record run on Monday, as traders took their lead from events in the United States and China.
Chinese stock markets closed mixed and oil prices slid after China’s latest plans to stimulate its economy fell short of expectations.
Wall Street’s three main indices pushed solidly into record territory at the opening bell.
“Last week’s huge post-election rally hasn’t run out of gas yet,” said Briefing.com analyst Patrick O’Hare.
Stocks rallied last week on hopes that a second Donald Trump administration — supported by a Republican Congress — would push through a slew of business-friendly policies including deregulation and tax cuts, offsetting concerns about possible trade wars.
O’Hare said there were no new developments fuelling the rise.
“In effect, it is a carryover of the ‘old’ news of the election outcome powering an ongoing momentum trade and a fear of missing out on further gains,” he said.
But the S&P 500 trimmed its gains during morning trading and the Nasdaq Composite was essentially flat as European markets closed.
“All that remains to be seen is when this rally effort runs out of gas,” said O’Hare.
Another cut in US interest rates by the Federal Reserve also helped fuel the record run last week.
While Fed officials declined to provide further guidance until updated projections are ready for its December meeting, the market still largely expects it to cut rates again then.