U.S. stocks closed mixed on Monday, after the Dow Jones industrial average hit a new all-time high, as investors evaluated the prospects of economic growth following Donald Trump's presidential election win.
"Investors clearly are optimistic because they are moving out of things that have worked great, and predictably, into things that haven't worked lately," said Kim Forrest, senior equity analyst at Fort Pitt Capital. "Investors should keep an eye out for an policy changes that may take place sooner rather than later."
The Dow gained about 20 points higher, completing a six-day winning streak and closing at a record high, with Goldman Sachs and UnitedHealth Group contributing the most gains. The S&P 500 closed around breakeven, with a 1.7 percent fall in information technology offsetting a 2 percent gain in financials. The Nasdaq composite lagged, slipping about 0.4 percent as Apple and the so-called FANG stocks (Facebook, Amazon, Netflix and Google's parent firm Alphabet) all fell.
"At this point, investors are trying to price in what's going to happen," said Bruce McCain, chief investment strategist at Key Private Bank. "I think there is a possibility for change, ... but how much he can actually do remains to be seen."
The Russell 2000, which is composed of small-cap stocks, hit its first record high since June 2015. The three major indexes traded higher earlier in the session, trying to build on strong gains made last week.
In an interview with CBS' "60 Minutes," Trump urged his supporters to stop harassing minority groups "because I'm going to bring this country together." In the same interview, however, Trump said he would deport millions of illegal immigrants.
Following Trump's victory over Democrat Hillary Clinton, investors and traders quickly honed into Trump's economic policies, which could lead to higher infrastructure spending and less regulation within financials.
"Mr Trump has delivered many water down versions of his controversial views over the weekend. This has restored further confidence that the person in charge of the biggest economy of the world, has started to think more logically," Naeem Aslam, chief market analyst at Think Markets, said in a note.