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US stocks back in rally mode, Dow hits new record

AFP

The Dow finished at a fresh record Monday as US stocks powered higher following a report showing strong growth in the US services sector.

"We're back in a rally mode," said Art Hogan, chief market strategist at Wunderlich Securities.

Data from the Institute for Supply Management showed the US non-manufacturing sector accelerated in November at the fastest pace in over a year.

At the closing bell, the Dow Jones Industrial Average 19,216.99, up 0.2 percent and about 25 points above the record set Thursday.

The broad-based S&P 500 advanced 0.6 percent to 2,847.43, while the tech-rich Nasdaq Composite Index gained 1.0 percent to 5,308.36.

US stocks have repeatedly hit new records since the US election November 8 on optimism about coming pro-growth policies out of Washington.