By Victor Reklaitis and Sara Sjolin, MarketWatch
NEW YORK (MarketWatch) -- U.S. stocks traded slightly higher on
Monday afternoon, as the S&P 500 stayed on pace for another
record close, and the Dow industrials tried to build on its
seven-day winning streak.
Utilities, the best-performing S&P sector this year, showed
the biggest gain among the 10 main sectors on Monday.
The S&P 500 (SPX) was last up 3 points, or 0.2%, to 2,092
after touching a new intraday peak above 2,093.
The Dow Jones Industrial Average (DJI) rose 3 points, or less
than 0.1%, to 18,056. The blue-chip gauge is working on achieving
an eight-session winning streak.
The tech-laden Nasdaq Composite (RIXF) gained 1 point, or less
than 0.1%, to 4,808, while the small-cap Russell 2000 (RUT) tacked
on 3 points, or 0.2%, to 1,218.
Composite volume for both the NYSE and Nasdaq was tracking at
roughly half of the 30-day average. Trading is expected to be light
throughout this holiday-shortened week, as it was Friday, when
composite volume was its lowest for the year so far.
Even so, both the S&P and Dow closed at records on Friday,
while the Nasdaq ended at its highest level since March 2000.
Several analysts have predicted equities will move higher before
New Year's Eve, arguing that it takes a war, a natural disaster or
a massive financial crisis to ward off an end-of-year rally. Read:
Stocks to stay buoyant into the New Year
Movers and shakers: Gilead Sciences Inc. (GILD) was among the
S&P 500's best performers as Morgan Stanley upgraded it to
overweight and Barron's picked the stock as one of its 10 favorites
for 2015.
Energy-related stocks such as Nabors Industries Ltd. (NBR) were
also among the S&P's big winners, although they gave back some
gains as crude oil prices(CLG5) fell again and settled at the
lowest level since May 2009.
The energy SPDR (XLE), an ETF that tracks the S&P 500's
energy stocks, remains down about 9% for the year, but it
established at least a short-term bottom in mid-December. Check
out: Energy stocks may be starting to attract bargain hunters
Also read: Here are the best S&P 500 stocks and sectors of
2014
Greek drama: The global trading mood on Monday was dented by
renewed uncertainty about the political landscape in Greece. The
country's parliament rejected Prime Minister Antonis Samaras's
candidate in a third and final presidential vote on Monday, meaning
parliament will now have to be dissolved and a snap election
held.
Greece's ATHEX Composite index tumbled after the failed vote.
But the pan-European Stoxx Europe 600 index closed higher, shaking
off early losses.
Also read: 5 things to know about the crucial Greek election
Other markets: Gold futures also finished lower, while the
dollar gained ground on the euro in the wake of Greece's election
news.
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