The S&P 500 and Dow Jones Industrial Average scored new records even with just modest gains to begin the week. This marks the S&P's second closing high in a row and the Dow's fifth. Gains were broad-based with investors particularly favoring materials and industrials.

Caterpillar Inc. (CAT) led the Dow higher after a bullish note from UBS wherein its rating was upped to BUY from NEUTRAL. The firm based its revision on forecasts of higher private nonresidential construction activity in the fourth quarter and an increase in mining equipment spending next year.

Nvidia Corp. (NVDA) reached an all-time high after Bank of America raised its price target on confidence it can capture AI market share. The chipmaker drove peers higher, including Advanced Micro Devices Inc. (AMD) , Texas Instruments Inc.  (TXN) , and Micron Technology Inc. (MU) .

Oil prices ended barely higher after fluctuating for much of the day. Commodities wavered as refineries in the Houston region began to slowly come back online following Hurricane Harvey.

 

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