U.S. stocks traded higher on Monday and hit new record highs as investors are waiting for the Federal Reserve’s policy meeting this week.
All three major indexes hit new record highs. The Dow Jones industrial average rose 0.45 percent or 76.84 points to a fresh all-time high of 22,345.18. The S&P 500 traded 0.24 percent higher to 2,506.3. This is the first time it rose above 2,500. The Nasdaq composite also hit a record high, with 0.42 percent increase.
“Traders are coming in optimistically given no new geopolitical issues concerning North Korea. They are looking forward to the Fed meeting,” said Andre Bakhos, managing director of Janlyn Capital in Bernardsville, New Jersey.
This is a good year for the stock market, with all three major indexes having double-digital gains. The technology sector is one of the best-performing sectors this year. The tech-heavy Nasdaq index has gained about 20 percent this year.
Investors are closely watching the Federal Open Market Committee’s two-day meeting starting on Tuesday. The central bank is expected to remain the interest rate unchanged in this meeting. But investors will focus on how Fed Chair Janet Yellen will react on the inflation and uncertain economic effects of Hurricanes Harvey and Irma.