Business

US markets continue to climb

NYSE trader Image copyright Reuters

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%.