(MENAFN- AFP) The Dow and S&P 500 stock indices rose to fresh records on Monday, another positive day for global equity markets still cheered by last week's US Federal Reserve meeting.
The broad-based S&P 500 advanced 7.89 points (0.38 percent) to 2,078.54, about three points above the previous high December 5.
The Dow Jones Industrial Average jumped 154.64 (0.87 percent) to 17,959.44, a little less than a point above the prior record.
The tech-rich Nasdaq Composite Index gained 16.04 (0.34 percent) to 4,781.42.
US stocks have been on a tear since the Fed last Wednesday kept interest rates low and left in place market expectations that it may raise interest rates only in the middle of 2015 and not sooner.
European and Asian markets also rose Monday, generating talk of a "Santa Claus rally."
"There's still a buying mood, a feel that central banks are going to keep being supportive, and the news on the US economy keeps getting better," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.
Biotech company Gilead Sciences slumped 14.3 percent after prescription management company Express Scripts announced that AbbVie's Viekira Pak treatment for hepatitis C would be an exclusive treatment in many cases. The decision will cut into sales of Gilead's Sovaldi drug.
Some of Gilead's peers in biotech also had a bad day. Amgen lost 3.3 percent, Biogen shed 2.3 percent and Celgene lost 3.1 percent.
Dow member Boeing rose 1.6 percent after announcing an order with Air China for new aircraft in a deal worth more than $6 billion.
Petroleum-linked companies were under stress, as both oil and US natural gas prices fell sharply. Anadarko Petroleum lost 1.4 percent, Continental Resources dipped 1.6 percent and ConocoPhillips dropped 2.1 percent.
Bond prices rose. The yield on the 10-year US Treasury dropped to 2.16 percent from 2.18 percent Friday, while the 30-year dipped to 2.75 percent from 2.77 percent. Bond prices and yields move inversely.
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