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Dow Jones Closes at Record High as Tech, Energy Soar

Investing.com

Investing.com – US stocks closed higher on Monday led by a surge in energy on expectations of supply disruptions, while the rebound in technology continued ahead of the upcoming Federal Reserve meeting this week.

The Dow Jones Industrial Average closed higher at 24,386.03. The S&P 500 closed 0.32% higher while the Nasdaq Composite closed at 6875.08, up 0.51%.

US equities recovered from a brief sell off following a terror incident in New York City, as a bullish session for crude oil futures, lifted energy stocks to highs supporting a broader move higher in the indexes.

Crude oil futures ended the session 1.1% higher to settle at $57.99 as supply disruptions and ongoing expectations of strong OPEC compliance with the deal to curb output continued to offset concerns over rising US production.

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On the economic front, meanwhile, investors mulled over data showing job openings in October undershot economists' forecasts raising fears about a possible slowdown in the labor market.

The U.S. Labor Department's latest Job Openings and Labor Turnover Survey (JOLTs) report, a measure of labor demand, showed job openings in October cooled to about 6 million, missing expectations of 6.03 million.

The job openings data come a day ahead of the Federal Reserve Open Market Committee (FOMC) two-day meeting, which gets underway on Tuesday amid expectations that FOMC members will vote to raise interest rates on Wednesday.

In corporate news, CBOE Holdings Inc (NASDAQ:CBOE) closed higher as the launch of bitcoin futures on the Cboe Futures Exchange got underway on Sunday.

'Bulls and Bears' on Wall Street

The top Dow gainers for the session: Walt Disney Company (NYSE:DIS) up 2.5%, Apple (NASDAQ:AAPL) up 1.9% and Verizon Communications Inc (NYSE:VZ) up 1.5%

Boeing Co (NYSE:BA) down 1%, Home Depot (NYSE:HD) down 0.6% and UnitedHealth Group Incorporated (NYSE:UNH) down 0.5%, were among the worst Dow performers of the session.

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