Despite a short week of trading with the Thanksgiving Holiday, the major indices once again hit highs on Monday, and a few stocks made big moves during the first trading session of the week.
On Monday, the Dow Jones Industrial Average was up 0.5%, the S&P 500 gained 13.89 points or 0.7% and the Nasdaq Composite added 0.9%. The S&P 500's gain put the index at a new record, while the Dow industrials and Nasdaq Composite hit records last week.
Last month, analysts had estimated that the S&P 500 would close the year at 2,198, but that figure seems a little low now, if this rally continues.
The 2,000 mark for the S&P 500 is also one that traders will be watching for as it represents a key psychological barrier.
But if the 2,000 barrier is broken, it wouldn't be surprising if the market tumbles thereafter as the index is trading at 25.27 times its price-earnings ratio, while the historical mean is just 15.62. This is an indication that the market is already overpriced and a sign a correction is justified.
Here are three of the big movers on Monday.
1. Chesapeake Energy (CHK)
Shares of Chesapeake Energy rose more than 6% Monday, a week after quarterly statements showed that a number of hedge fund investors, most notably Carl Icahn, dumped their shares last quarter. But despite that downward pressure, rising commodity prices gave Chesapeake Energy a boost Monday.
As the cold weather moves in, natural-gas prices will likely continue to climb as demand increases. And if the Organization of Petroleum Exporting Countries can reduce output, as it has been promising, oil should also continue to rise.
These two factors would be big for Chesapeake Energy because the company has struggled with low commodity prices over the past year.