The S&P 500 hit all-time highs on Monday and looks as if it will close at those record levels.
The S&P 500 jumped 10 points to trade at 2,140, besting the last record high of 2,134 hit on May 21, 2015. Safe haven stocks like utilities traded lower, while technology and energy stocks moved higher.
The buying was boosted by the positive election results in Japan that support Prime Minister Shinzo Abe sent that stock market soaring. It is also a continuation of positive momentum from Friday’s nonfarm payrolls report in which 287,000 jobs were added, topping the estimate for 170,000 jobs.
Top retail winners include Ascena Retail Group Inc., which moved higher by almost 4 percent to $7.52. Ascena’s large-size brand Lane Bryant said it was going to collaborate with designer Prabal Gurung. The collection will be available in stores in March. Gurung will be the fifth designer to create a special collection for the label. The design process will also be documented in a series of webisodes available through Lane Bryant’s social media.
Revlon Inc. is also looking pretty today as it pops more than 6 percent to sell at $32.80. The cosmetics giant released the presentation materials for the upcoming proposed merger with Elizabeth Arden. The details provided investors with the comfort they needed to purchase shares and push the stock higher. Revlon has offered $870 million to acquire Arden and the deal is expected to close by the end of 2016.
Chico’s FAS Inc. is popping almost 4 percent to $11.55 after a leading proxy firm recommended that shareholders vote for Chico’s board nominees. It is a show of support to Chico’s and a blow to the activist investor Barington Group that wanted shareholders to reject Chico’s board nominees and go with their suggestions. Institutional Shareholder Services said Barington had not made a compelling case that additional change was warranted.
DSW Inc. stock is pushing higher by more than 4 percent to $23.28 after being upgraded by Well Fargo from “underperform” to “market perform.” It’s a new one-month high for the discount shoe chain.