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Traders work on the floor of the New York Stock Exchange during the afternoon of January 22, 2024.
New York
CNN
—
Stocks rose on Monday, building on last week’s big rally, as the Dow surpassed the 38,000 mark for the first time ever.
The Dow Jones index rose 138 points, or 0.4%, and ended the day at 38,001.81. The S&P 500 rose 0.2%, and the Nasdaq Composite rose 0.3%.
The S&P 500 index also closed at its highest level ever, reaching 4,850.43.
End-of-year target prices for the Dow Jones range from 34,000 to 45,000, according to Capex.
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On Friday, the S&P 500 entered bull market territory, rising more than 20% from its lows and setting a new record.
Elsewhere, Macy’s shares rose 3.6% after the company over the weekend rejected a $5.8 billion offer from Arkhouse Management and its partner Brigade Capital Management to take the company private.
Shares of Spirit Airlines rose 19.5% after the company and JetBlue on Friday filed an appeal of the ruling blocking their planned merger. JetBlue shares rose 0.2%.
Shares of Archer Daniels Midland fell 24.2% after the company placed its CEO on leave and cut its earnings forecast after launching an investigation into its accounting practices.