Dow, S&P close at record highs as rally continues

Associated Press

The Dow Jones industrial average and the Standard & Poor’s 500 index closed at record highs Monday as the market delivered its fourth gain in four trading days.

Pharmaceutical and technology stocks were among the big risers, while shares in energy companies fell sharply as the decline in oil prices deepened.

Discouraging data on U.S. home sales failed to derail the “Santa” rally, what traders often call a pre-Christmas advance.

Trading volume was lighter than usual as many investors looked ahead to the Christmas holiday.