Major Averages Climb To New Record Closing Highs - U.S. Commentary

(RTTNews) - Stocks moved mostly higher during trading on Monday, although trading activity was somewhat subdued. With the upward move on the day, the major averages reached new record closing highs.

The Dow inched up 9.23 points or less than a tenth of a percent to 23,548.42, the Nasdaq rose 22.00 points or 0.3 percent to 6,786.44 and the S&P 500 crept up 3.29 points or 0.1 percent to 2,591.13.

The strength on Wall Street reflected recent upward momentum amid optimism about the economy and the likelihood of passage of the republican tax reform plan.

Energy stocks showed a strong move to the upside as the price of crude oil for December delivery jumped

Reflecting the strength in the energy sector, the NYSE Arca Natural Gas and the Philadelphia Oil Service Index are surged up by 4.1 and 4.9 percent.

Significant strength is also visible among gold, steel and electronic storage stocks, while biotechnology stocks showed a notable move to the downside.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan's Nikkei 225 Index inched up by less than a tenth of a percent, while Hong Kong's Hang Seng Index edged down by less than a tenth of a percent.

The major European markets also turned mixed on the day. While the U.K.'s FTSE 100 Index inched up by less than a tenth of a percent, the German DAX Index and the French CAC 40 Index dipped by 0.1 percent and 0.2 percent, respectively.

In the bond market, treasuries moved to the upside amid the strength on Wall Street. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.3 basis points at 2.320 percent.