Trump jump is still holding on Monday.

The S&P 500 and the Dow hit fresh record highs on Monday, fueled by energy shares, while the Nasdaq was lower, a day ahead of the U.S. Fed's two-day meeting.

Oil prices rose as much as 6.5 percent to an 18-month high after OPEC and some of its rivals reached their first deal since 2001 to jointly reduce output to try to tackle global oversupply and boost prices.

The S&P energy index was the top gainer with a 2.4 percent rise. Oil majors Exxon (XOM.N) and Chevron (CVX.N) were up about 2.3 percent and provided the biggest boost to the Dow.

President-elect Donald Trump's expected agenda of economic stimulus and reduced taxes and regulations has fueled a market rally, with the benchmark S&P 500 rising 5.6 percent since Nov. 8 to Friday's close.

The Dow has closed at record highs 14 times since the election.

Investors are keeping a close watch on the U.S. Federal Reserve's last meeting for the year, beginning Tuesday, with a statement from Fed Chair Janet Yellen on Wednesday. The central bank is widely expected to raise benchmark interest rates, with market participants looking for clues about the pace of future hikes.

Seven of the 11 major S&P sectors were lower, with the industrials index's 0.64 percent fall leading the decliners.

The S&P 500 index showed 46 new 52-week highs and no new lows, while the Nasdaq recorded 87 new highs and seven new lows.

 

 

 

 

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