The Dow Jones surged above 35,000 for the first time Monday, extending a run of records as investors pumped funds into industrial companies expected to benefit from the US economic recovery.
Near 1525 GMT, the Dow Jones Industrial Average was up 0.9 percent at 35,083.10. The blue-chip index has closed at records the last three sessions.
The broad-based S&P 500 was flat at 4,232.36, while the tech-rich Nasdaq Composite Index fell 1.6 percent to 13,547.88.
Major gainers included Caterpillar, Honeywell International and Procter & Gamble, which are benefiting from an investor rotation out of technology shares.
Both the Dow and S&P 500 closed at records Friday following a disappointing April jobs report that bolstered expectations the Federal Reserve will keep interest rates low for a long period of time to support the economic recovery.
“Concerns about the Fed reining in its highly-accommodative monetary policy has roiled the markets recently, but Friday’s surprisingly severe miss in April job growth seemed to ease some of the uneasiness,” Charles Schwab investment bank said in a note.
In addition to data on consumer prices and retail sales, this week’s calendar also includes a report on producer prices. Numerous consumer and manufacturing companies highlighted rising prices as a challenge in their recent batch of earnings reports.
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