S&P 500 closes at record high on global risk appetite

The US benchmark S&P 500 stock index set record intraday and closing highs on Monday as last week's strong monthly US jobs report worked its way into financial markets, and European shares rose as a single candidate emerged to succeed David Cameron as British prime minister. The S&P 500 ended at a record high of 2,137.16 after touching a record intraday high of 2,143.16. It overtook the previous highs touched in May 2015 as investors harbored greater optimism about the US economy after last Friday's stronger-than-expected jobs report. The gains in US shares on Monday were broad based.



Industrial and consumer staples also hit record highs. The tech-heavy Nasdaq Composite rose above 5,000 for the first time since December during the session. The STOXX Europe 600 closed up 1.6 percent at 332.72, its highest close since Britain's vote to exit the European Union on June 23. Theresa May won the race to succeed David Cameron as Prime Minister, reducing political uncertainty in the UK. "The markets are having a feel-good rally because the jobs report on Friday was better-than-expected and that was followed up by some good election news in Britain and Japan," said Alan Gayle, senior investment strategist at RidgeWorth Investments in Atlanta. "Investors have been looking for a reason to buy stocks and now they have it."

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