U.S. stocks climbed on Monday, with the Dow industrials and S&P 500 again closing at records, as Apple and Facebook led a rally in the technology sector and after data showed consumer sentiment at a five-month high and spending up in November.
"The combination of the Federal Reserve's 'taper-lite,' a two-year budget deal, and better-than-expected U.S. economic data could support the seasonal pattern of abnormally strong market returns during the holidays," noted Bill Stone, chief investment strategist at PNC Asset Management Group.
Facebook jumped as the social-networking site's first day of trading as one of the S&P 500 companies. Shares of Apple gained after it reached a deal to sell its iPhones through China Mobile, the biggest phone company on the globe. Darden Restaurants rose after Starboard Value disclosed a stake in the restaurant-chain operator, with the activist investor saying it push for change at the company.
"China Mobile has 750 million customers and represents an ideal platform for the American technology provider to enter the region's markets," Andrew Wilkinson, chief economic strategist at Miller Tabak, wrote in emailed research.