U.S. stocks rose Monday as investors sent the Dow Jones industrial average to another record high. Banks put up some of the biggest gains, as did technology companies, which have been mostly left out of a post-election rally. Energy companies were higher as the price of oil reached its highest level since July 2015. Small-company stocks continued to outpace the rest of the market.
The Dow Jones industrial average rose 45.82, or 0.2%, to close at a record 19,216.31. The Standard & Poor’s 500 index gained 0.6% to 2204.71 and the Nasdaq composite index rose 1% to 5308.89.
Small-company stocks again outpaced the rest of the market as the Russell 2000 jumped 1.8%. Thanks to a big rally in November, the Russell is up 17% this year, or more than twice as much as the S&P 500. Smaller companies, which are more domestically focused than large multinationals, could stand to benefit more than larger companies from a pickup in U.S. growth.
Oil prices rose for the fourth day in a row. The gains Monday were modest, but oil prices haven’t been this high since July 2015. Benchmark U.S. oil rose 11 cents to $51.79 per barrel in New York. Brent crude, used to price international oils, gained 48 cents to $54.94 a barrel in London. The price of oil has surged since OPEC countries finalized a deal that will trim oil production starting in January.