Dow hits record high as Wall Street rises

REUTERS: Wall Street climbed on Monday, with the Dow hitting an intra-day record high, as investors awaited cues from the Federal Reserve this week amid caution over rising borrowing costs spurred by massive fiscal stimulus.AdvertisementDelta Air Lines, Southwest Airlines and JetBlue Airways said leisure bookings are rising and offered some of the first concrete signs that the worst may be over for the airline industry.

Most of the 11 major S&P sector indexes rose, led by utilities and real estate, both up over 1per cent. "With the vaccine positive news and the stimulus, we think there will continue to be a fair amount of rotation out of the stay-at-home stocks," said Greg Bassuk, CEO of AXS Investments."We are bullish on financial services and energy coming out of the pandemic."

The yield on benchmark 10-year Treasuries ticked lower to 1.60per cent, below its 13-month peak of 1.64per cent on Friday. Wall Street has been roiled in recent weeks by a spike in longer-dated U.S. bond yields due to fears of an increase in inflation.In afternoon trading, the Dow Jones Industrial Average was up 0.22per cent at 32,850.6 points, while the S&P 500 gained 0.20per cent to 3,951.4.Tesla rose 1.

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