NEW YORK (TheStreet) -- U.S. stocks were making little movement on Monday after a three-week rally that boosted the Dow Jones Industrial Average and S&P 500 to all-time highs.
The Dow and S&P 500 inched to all-time highs on Friday as jobs data impressed, the European Central Bank hinted of stimulus and the GOP wrested control of the Senate.
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The S&P has recovered more than 9% since its six-month low in mid-October as positive earnings and robust economic data indicated the U.S. was more resilient to a global slowdown.
The Dow was down 0.03%, the S&P added 0.04%, and the Nasdaq climbed 0.8%.
Risks to record highs for equities look minimal this week with little on the books to potentially rock markets.
"After last week's big market-movers-Midterm elections, payrolls and generally solid October data that support our estimate of 2.8% growth in Q4-the data schedule is pretty thin this week," BMO Research analyst Sal Guatieri wrote in a report Monday, though he pointed to retail sales on Friday as one anticipated release.
No major economic reports were on tap for Monday, though TD Ameritrade IMX data to be released at midday should give a snapshot of current investor sentiment.
Earnings season is wrapping up with major retailers Macy's (M) and Kohl's (K) , typically the final companies to report, due to release quarterly results on Wednesday and Thursday, respectively. Earlier this year, Macy's cut its full-year same-store sales guidance, though kept its earnings forecast unchanged. Similarly, Kohl's downwardly revised its full-year profit guidance, citing weakness in demand for women's clothing.
In good news for retailers, Oppenheimer predicted more spend-happy consumers over the holiday shopping season.
"With interest rates low, recent declines in oil and gasoline prices and a strong dollar making imported goods more affordable, shoppers this holiday season could feel the jingle in their pockets and celebrate with greater enthusiasm and gifting,"John Stoltzfus, Oppenheimer chief investment strategist, wrote in a note. The firm reiterated its year-end target for the S&P 500 to 2080, a 2.4% increase from Friday's close.
The price of West Texas Intermediate oil for December delivery was slipping, down 0.23% to $78.47. OPEC, the group which supplies around 40% of global oil, will not reduce its crude output, Kuwait Oil Minister Ali Al-Omair said earlier Monday. U.S. oil prices were crushed after Saudi Arabia slashed the price of imports last week.
European markets were trading slightly higher, while China's Shanghai Composite surged more than 2% on news an electronic trading link between Hong Kong and mainland China will open to investors by mid-November.
Cable companies Comcast (CMCSA) and Time Warner Cable (TWC) took a dive shortly after President Barack Obama called for the Federal Communications Commission to impose the "strongest possible rules" to ensure net neutrality. Comcast tumbled 3.2% and Time Warner Cable slid 3.6%.
McDonald's (MCD) shares were edging higher after global comparable-store sales fell at a slower rate of 0.5% than an expected 2.2% decline. The world's largest hamburger chain has suffered falling sales as fast-casual restaurants such as Chipotle (CMG) eat into its customer base. Shares were unchanged at $95.05.
GoPro (GPRO) shares were sliding 1.7% after the camera company released plans to offer $800 million in common stock to be used for working capital or to fund M&A activity.
Toll Brothers (TOL) shares were gaining 3.1% following the release of the homebuilder's preliminary fourth-quarter results. Quarterly revenue spiked 29% to $1.35 billion, while backlog increased 3% to $2.72 billion.
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-- Written by Keris Alison Lahiff in New York.