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Wall Street Closes at Record Highs as Energy, Consumer Shine

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By Yasin Ebrahim

Investing.com – The major averages closed in record territory Monday, led by energy and consumer discretionary stocks ahead of data-laden week including a monetary policy update from the Federal Reserve.

The S&P 500 rose 0.1% to closer at a record of 4,613.67, and the Dow Jones Industrial Average ended up 2.26%, or 94 points to close at an all-time high of 35,913. The Nasdaq climbed 0.63%, closing at a record of 15,595.92. The Russell 2000 Futures, was up 2.7% to close at record of 2,358.12, notching its best day since August.

Energy was up about 1% as oil prices continued to rise amid expectations that the major oil producers are unlikely to turn increase production to alleviate the energy supply crunch.

Bank of America forecast Brent crude to hit $120 a barrel by the end of June 2022 as the rebound in gasoline demand amid refining-capacity constraints could continue to support oil prices.

Devon Energy (NYSE:DVN), Marathon Oil (NYSE:MRO), APA Corporation (NASDAQ:APA) were among biggest gainers in the sector.

Consumer discretionary continued to add to gains from last week, led by Tesla (NASDAQ:TSLA) as the electric vehicle maker climbed to fresh record highs.

Casino stocks including Las Vegas Sands (NYSE:LVS), Wynn Resorts (NASDAQ:WYNN), Melco Resorts&Entertainment (NASDAQ:MLCO) also lifted the sector, shrugging off data showing casino revenue in the Asian gambling mecca of Macau fell by 40% in the 12 months through October.

Tech, however, was a drag on the broader market as big tech, with expectation of Meta Platforms (NASDAQ:FB), started the week on the backfoot amid a rise in Treasury yields.

Apple (NASDAQ:AAPL), Google-parent Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) closed in the red.

The 10-year Treasury yield topped 1.6%, but pared some gains as U.S. manufacturing data continued to point supply-chain woes that aren't expected to ease anytime soon.

"The manufacturing sector is growing, but it faces severe headwinds, which are unlikely to fade materially before next spring," Pantheon Macroeconomics said in a note.

In other news, Coca-Cola Co (NYSE:KO) acquired Bodyarmor for $5.6 billion as the beverage giant's history seeks to provide ramp-up competition against Gatorade, the leader in the sports drink market.

Harley-Davidson (NYSE:HOG), meanwhile, jumped 9% after the U.S. and the European Union ended their dispute on steel and aluminum tariffs, mitigating the risk of the motorcycle maker incurring a 56% levy on its imports into the EU.

On the political front, Sen. Joe Manchin, a moderate Democrat, said Congress needs more time to evaluate the $1.75 trillion infrastructure package on the economy, dashing Democrats’ hopes for quick resolution

The grind higher on Wall Street comes just a day ahead of the Fed's two-day meeting starting Tuesday, expected to culminate in an unchanged decision on rates and an announcement that the pace of bond purchases would be reduced by about $15 billion a month.

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