US markets continue to climb

Published
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US markets closed at record highs again on Monday, led by financial companies.

Investors are trying to anticipate reaction to a Federal Reserve meeting later this week.

Shares in big banks, which tend to benefit from interest rate increases, climbed by more than 1%.

The Dow Jones gained 0.28% or 63 points to close at 22,331.35. The wider S&P 500 index hit 2,503.87, up 0.15% or 3.64 points and the Nasdaq hit 6,454.64, rising 6.17 points or 0.1%.

Policymakers are expected to hold interest rates steady, while providing more detail about plans to unwind its portfolio of securities, including US Treasuries.

JPMorgan Chase rose by 1.4%, Bank of America climbed 1.3%, while Goldman Sachs gained about 1%.

Among other stocks, Orbital ATK saw its shares jump by about 20% after the missile and rocket maker agreed to be bought by Northrop Grumman for $7.8bn.

Northrop Grumman rose about 3.4%.

Toymakers including Mattel saw their shares fall, amid reports that Toys R Us is considering filing for bankruptcy protection. Mattel shares slipped by 6.3%.