RILY - Dow Eclipses 38K Barrier
Stocks rose Monday as investors built on the previous session's historic move to record highs.
The Dow Jones Industrials gained 138.01 points to 38,001.41, pushing above the 38,000 level for the first time ever.
The S&P 500 index hiked 10.62 points to 4,850.43, also reaching a fresh all-time high.
The NASDAQ rose 49.32 points to 15,360.29.
Macy's rose more than 1% after rejecting a $5.8-billion proposal to take the retailer private. SolarEdge jumped more than 2% on the back of the company announcing it would lay off 16% of its workforce.
Archer-Daniels-Midland dropped more than 22% after issuing weak earnings guidance and placing CFO Vikram Luthar on leave amid an investigation tied to accounting practices. B Riley Financial slipped nearly 6% after Bloomberg reported that regulators are investigating deals with a client connected to securities fraud.
Traders are now pricing in a roughly 46% chance of a Fed rate cut in March. That marks a steep decrease from almost 81% a week earlier. There's a nearly 54% likelihood that the central bank will keep rates steady, up from around 19% one week prior.
Investors will be closely watching a slate of economic reports due out this week, including gross domestic product data on Thursday and the personal consumption expenditures prices on Friday. Both reports could provide insight into how central bank policymakers view monetary policy moving forward.
Prices for the 10-year Treasury gained ground, lowering yields to 4.10% from Friday's 4.13%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.60 to $74.83 U.S. a barrel.
Gold prices skidded $6.90 to $2,022.40.