Stocks Climb to Record Highs Despite Slight Drop in Consumer Spending, Higher Gas Prices
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iStock/Thinkstock(NEW YORK) — Stocks soared during Monday’s session, with the Nasdaq reaching 5,000 for the first time in 15 years.
The Dow Jones Industrial Average climbed 155.54 to a close of 18,288.24, a new all-time high.
The Nasdaq slipped back from its daily zenith, but still posted gains of 44.57 to 5,008.10. The index has only closed about 5,000 twice before — on back-to-back days in 2000, just before the tech bubble burst.
The S&P 500 ended the day at 2,117.35, up 12.85 from its open.
The Commerce Department said on Monday Americans spent slightly less in January. The blame for that drop-off, though, was attributed mostly to low gas prices.
Gas prices jumped 14 cents from last week, according to the U.S. Energy Information Administration. The average cost of a gallon of gas is now $2.47 nationally. The cheapest gas is available in the Rocky Mountain region, while the most expensive — $3.13 per gallon — is on the West Coast.
In California, gas prices climbed by 46 cents in the last week, hitting $3.42 per gallon on average.
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