U.S. stocks notched yet another strong trading day Monday as investors ignored weak economic data from Europe and China to lift the market's blue-chip index to its fifth consecutive closing high.
The Dow Jones Industrial Index of 30 large corporations, one of the most widely followed barometers of the stock market, notched its fifth straight record close, adding 50.22 to 14,447.29.
The broader S&P 500 index of large-cap stocks -- that is, shares of companies that have a market capitalization of more than $10 billion -- closed up 5.04 to 1,556.22, its seventh consecutive session of gains.
"We have all this cash sloshing around in the capital system that is flooding to stocks. At this juncture, there's nothing in the short term that looks like it will cause a change in the Fed's policy," Kent Engelke, chief economic strategist for Richmond, Va.-based Capitol Securities Management, which has about $3 billion under management, told the Wall Street Journal.
The Dow has risen more than 10 percent this year, while the S&P 500 is up more than 9 percent.
On Monday advancing stocks outnumbered declining ones on the NYSE, 1,586 to 1,375; on the Nasdaq, it was 1,254 to 1,192.
Mike Obel works as Senior Editor, Copy Chief. Before that he was Markets Editor, assigning, editing and writing about business, markets, finance and economics. Before coming...