Dow Jones sees 9th straight record close, reaches 22.000 as oil cuts losses
A hat made by a trader to mark the Dow Jones industrial average reaching 22,000 points is seen on the floor of the New York Stock Exchange in New York, New York, USA, on 02 August 2017. (EPA Photo)


The Dow and S&P 500 ended at fresh records Monday as a strong second-quarter earnings season continued to attract more funds to the U.S. equity market.

At the closing bell, the Dow Jones Industrial Average had posted its ninth straight record at 22,115.68, a 0.1 percent increase over Friday's close.

The broad-based S&P 500 rose 0.2 percent to end at 2,480.53 also a new all-time high, while the Nasdaq Composite Index gained 0.5 percent to 6,382.65.

A broad measure of equity markets across the world climbed to a record high, boosted by gains in Asia, while U.S. and European markets were little changed, with U.S. energy shares capping gains on the benchmark S&P 500 index.

Oil prices fell, pressured over the past several days after last week climbing to their highest since May, as OPEC exports hit a record peak last month and output rose to a 2017 high. However, both U.S. crude and Brent settled far from their session lows.

"I have seen a lot of companies exceeding their revenue growth and we also have better-than-expected global growth, which are the main drivers for equities," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh.

The Dow Jones Industrial Average rose 15.41 points, or 0.07 percent, to 22,108.22, the S&P 500 gained 3.01 points, or 0.12 percent, to 2,479.84 and the Nasdaq Composite added 30.45 points, or 0.48 percent, to 6,382.02.

MSCI's gauge of stocks across the globe gained 0.25 percent and was on track to close at a record high. The pan-European FTSEurofirst 300 index lost 0.12 percent.

Emerging market stocks gained 0.65 percent. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.5 percent higher, while Japan's Nikkei rose 0.52 percent.

OIL EYES OPEC

Oil prices fell, with energy markets focused on comments from OPEC and non-OPEC officials meeting in Abu Dhabi to discuss ways to boost compliance with a deal to cut output.

Production at Libya's Sharara field was returning to normal after a brief disruption by armed protesters.

U.S. crude fell 0.48 percent to $49.34 per barrel and Brent was last at $52.27, down 0.29 percent on the day.

"The petroleum markets are tipping toward the lower end of their recent trading range as oil producers meeting in Abu Dhabi have been slow to assure the market that compliance with this year's production cuts will be improved, although we continue to note that adherence to the limits has actually been quite strong by historical standards," Tim Evans, Citi Futures' energy futures specialist, said in a note.

In currency markets, the U.S. dollar edged lower but held onto most of Friday's gains as investors await inflation data this week that may signal a turnaround in the greenback's weakness this year.

"We have a view that the U.S. dollar is due for some mild corrective strength in the near-term and we see some confirming price action from some of the key G10 currency pairs," said Erik Nelson, currency strategist at Wells Fargo Securities in New York.

"Some of these dollar-bloc currencies are starting to show signs of maybe rolling over in the near-term."

The dollar index fell 0.12 percent, with the euro up 0.22 percent to $1.1794.

The Japanese yen weakened 0.03 percent versus the greenback at 110.74 per dollar, while sterling was last trading at $1.303, down 0.04 percent on the day.

In the absence of major U.S. economic data, the Treasuries market was little changed and focused on a heavy schedule of government and corporate bond issues this week, which could push yields higher.

Benchmark 10-year notes last rose 3/32 in price to yield 2.2584 percent, from 2.269 percent late on Friday.

The 30-year bond last rose 4/32 in price to yield 2.8374 percent, from 2.844 percent.

Spot gold rose 0.04 percent to $1,258.33 an ounce. U.S. gold futures fell 0.06 percent to $1,263.90 an ounce.

Copper rose 0.73 percent to $6,418.50 a tonne.