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U.S. markets rise to record highs in first day of November trading

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U.S. markets rise to record highs in first day of November trading
All three major U.S. indexes rose to record highs on Monday, despite posting modest gains in the first day of trading in November. File Photo by John Angelillo/UPI | License Photo

Nov. 1 (UPI) -- U.S. markets posted small gains while still touching record highs on Monday -- the first day of trading in November.

The Dow Jones Industrial Average gained 94.28 points, or 0.26%, while the S&P 500 rose 0.18% and the Nasdaq Composite closed the day up 0.63% as all three major indexes hit record highs.

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Markets got a boost on Monday as Treasury Secretary Janet Yellen once again called on Congress to raise the debt ceiling.

"There are a number of ways in which the debt ceiling can be raised," she told reporters. "I strongly believe that it is bipartisan responsibility to do this. There is a way for Democrats to do it entirely on their own."

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The small-cap benchmark Russell 2000 increased 2.6%, recording its best day since Aug. 27, providing a boost to the Nasdaq.

Shares of Tesla gained 8.49% after the electric car maker reached a $1 trillion market cap last week.

Stocks that would benefit from economic recovery in response to the impacts of the COVID-19 pandemic gained Monday with Ford rising 5.09% and Occidental Petroleum increasing 3.82%.

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"In our view, the key story arc driving equities is the strengthening global recovery," Fundstrat's Tom Lee wrote in a note to clients. "COVID-19 trends are improving, but with vaccinations and boosters, the improvement in healthcare risk could materially accelerate in 2022."

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On the contrary shares of Apple fell 0.56%, while Amazon dropped 1.61%.

Markets are coming off a strong October with all three major indexes closing the month on record highs.

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The Dow rose 5.8% in October, the S&P 500 gained 6.9% and the Nasdaq Composite increased 7.3%.

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