Stocks resumed their climb Monday as investors bought shares that stand to benefit from economic growth, like banks, as well as technology companies. The Dow Jones industrial set another record high.
Energy companies rose as the price of oil reached its highest level since July 2015. Small-company stocks continued to outpace the rest of the market.
Samantha Azzarello, global market strategist for JPMorgan Asset Management, said investors have been steadily moving money away from safe-play stocks over the past year and favoring companies that stand to do the best when economic growth picks up steam, as it did in the third quarter.
“We’ve had 2 to 2.5 percent growth in the U.S. and we expect that to pop even higher if we get fiscal stimulus,” she said.
The Dow Jones industrial average rose 45.82 points, or 0.2 percent, to 19,216.24. Earlier it went as high as 19,274. The Standard & Poor’s 500 index climbed 12.76 points, or 0.6 percent, to 2,204.71. The Nasdaq composite added 53.24 points, or 1 percent, to 5,308.89.
Stocks of small and mid-sized companies rose sharply. The Russell 2000 index jumped 23.53 points, or 1.8 percent, to 1,337.79. The Russell is up 18 percent this year, more than twice as much as the S&P 500.