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Dow, S&P 500 extend record closing highs
Last Updated: 2014-11-11 05:08 | Xinhua
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U.S. stocks went up Monday, with the Dow Jones Industrial Average and the S&P 500 closing at record highs for a fourth consecutive session, and the Nasdaq Composite Index finishing at a more-than-14-year high.

The two stock indices hit all-time intraday highs of 17,621.87 points and 2,038.70 points, respectively.

At the close, the blue-chip Dow added 39.81 points, or 0.23 percent, to 17,613.74. The S&P 500 gained 6.34 points, or 0.31 percent, to 2,038.26. The Nasdaq increased 19.08 points, or 0.41 percent, to 4,651.62, the highest close not seen since March 2000.

In absence of major economic data, Monday's stock record run was mostly driven by optimistic sentiment of jubilant investors who seemed encouraged by a growing U.S. economy and better-than- expected corporate earnings.

Latest data from Thomson Reuters showed that 90 percent of the S&P 500 companies have reported quarterly results, among which 74. 6 percent of the firms have reported earnings above analysts' expectations. Thomson Reuters analysts expected third-quarter corporate earnings to grow 10 percent year over year, while revenue is estimated to grow 4 percent from last year.

With the U.S. holiday shopping season coming, investors are looking to quarterly results from major U.S. retailers Macy's Inc. and Wal-Mart Stores Inc., due out later in the week, which could shed light on the health of consumer spending accounting for roughly 70 percent of the country's gross domestic product.

In corporate news, Alibaba Group's shares rallied 4.01 percent to 119.15 U.S. dollars apiece, as the Chinese e-commerce giant is gearing up for the "Single's Day" sales event on Tuesday, which is expected to hit a new record this year.

Last Friday, the Dow and the S&P 500 eked out gains to close at record highs, after data showed U.S. jobless rate in October dropped to its lowest since 2008.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, fell 3.43 percent to end at 12.67 Monday.

In other markets, crude prices dropped Monday on speculations that the Organization of Petroleum Exporting Countries is not likely to cut oil output at a meeting this month.

Light, sweet crude for December delivery moved down 1.25 dollars to settle at 77.4 dollars a barrel on the New York Mercantile Exchange on Monday, while Brent crude for December delivery lost 1.05 dollars to close at 82.34 dollars a barrel.

Gold futures on the COMEX division of the New York Mercantile Exchange lost ground Monday on a stronger dollar, with the most active gold contract for December delivery down 10 dollars, or 0. 85 percent, to settle at 1,159.8 dollars per ounce.

The U.S. dollar strengthened against other major currencies Monday, recovering partly from last week's losses. In late New York trading, the euro decreased to 1.2434 dollars from 1.2437 dollars in the previous session, and the greenback bought 114.89 Japanese yen, higher than 114.54 yen of the previous session.

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