Financials and Tech Shares Lift Wall Street; Dow Hits Record High

Stocks rose but pared earlier gains as the financial and energy sectors moved higher on Monday.

The Dow was up 0.2% to 19,200; the index hit an intraday high of 19,275. The all-time closing high for the index is 19,191.93. Leading the Dow higher were shares of Nike (NKE) , which gained 3.2%, and Goldman Sachs (GS)  , which rose 1.9%. The stock traded at a record $229.20 earlier. Visa (V) jumped nearly 2.1%. 

The S&P 500 rose 0.47% and the Nasdaq added 0.86%, getting a boost from technology stocks. Citrix Systems (CTXS)  gained 3.6%. 

The financial sector pushed the S&P 500 higher. Bank of America (BAC) rose 2.7%, almost hitting an eight-year high, and Citigroup (C) gained 2.1% while JPMorgan Chase (JPM) increased 1.5%. The health care sector was trading slightly lower Monday.

Exxon Mobil (XOM) rose 0.2% while Chevron (CVX) tacked on gains of almost 0.6%. Oil and natural gas company Chesapeake Energy (CHK) increased 4.9% after it announced a $450 million sale of its assets and land.

West Texas Intermediate crude closed up 0.2%, off of the highs Monday, to $51.79 a barrel, following last week's decision by OPEC to cut production output by 1.2 million barrels a day, the cartel's first cut in production in eight years. Brent crude, the global benchmark, traded at $54.75, up nearly 0.53%.

The Institute for Supply Management's Non-Manufacturing Index climbed to 57.2 in November outpacing the reading of 54.8 in October. The index showed solid gains, the fastest growth in a year, with strong new orders and business activity.

Markets shrugged off potential negative effects of Italy's "no" vote on its constitutional reform referendum. Italian Prime Minister Matteo Renzi said Monday he would resign following the public's vote not to amend Italy's 1948 constitution, a clear signal that voters didn't want to implement Renzi's proposed changes to stimulate the Italian economy. Italy's equity markets remained in positive territory Monday, while the euro gained in early European trading.

New York Federal Reserve President William Dudley said in a speech on Monday "assuming the economy stays on this trajectory, I would favor making monetary policy somewhat less accommodative over time by gradually pushing up the level of short-term interest rates." The central bank is scheduled to meet Dec. 13-14 when it's widely expected to boost interest rates by 25 basis points.

Chicago Fed Bank President Charles Evans on Monday suggested in a speech that the Fed should be slow in raising rates as the labor market is "king of tight."

U.K. luxury goods retailer Burberry (BURBY) rejected multiple takeover overtures from Coach (COH) in recent months, the Financial Times reported, citing people briefed on the matter. Shares of Burberry jumped 0.7% in London trading, while Coach shares jumped 3.2%.

Energy Transfer Partners (ETP) , the company constructing the Dakota Access oil pipeline, released a statement Sunday night slamming the Army Corps' decision to deny the company permission to extend the pipeline beneath a Missouri River reservoir as politically motivated. Shares of Energy Transfer Partners fell almost 2% in trading on Monday. 

Apple (AAPL) , in a letter to U.S. transportation regulators that surfaced Friday, confirmed for the first time its interest in autonomous-vehicle technology but it remains unlikely the company will design or build a complete car, according to The Wall Street Journal. It's the first time that the tech giant has signaled an interest in self-driving cars. Shares of Apple rose slightly. Apple shares were down nearly 0.6% to $109.23 on Monday morning.

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Shares of Rexnord (RXN)  fell almost 2% Monday after President-elect Donald Trump warned the company about moving a bearings plant to Mexico from Indiana. 

Johnson & Johnson (JNJ) talks to acquire Swiss drugmaker Actelion (ALIOY) progressing after health care giant J&J raised its offer, people with knowledge of the matter told Bloomberg. Shares of J&J were up 0.03%. Novartis (NVS) CEO Joe Jimenez suggested that his company won't bid for Actelion, Reuters reported.

Consolidated Communications ( CNSL) reached a deal to buy FairPoint Communications ( FRP) for $1.5 billion, including debt. FairPoint shares jumped 12.4% in trading on Monday to $19.10, while Consolidated Communications fell 3.6% to $27.33.

GW Pharmaceuticals (GWPH) gained 3.9% after the company, which specializes in the development of cannabinoid prescription medicines, reported positive clinical trial data. The company also reported revenue of $13.3 million and a loss of $82.2 million for the 12 months ended in September.

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