The Dow Jones Industrial Average and Standard & Poor’s 500 Index reached record highs Monday thanks to investors looking for bargains on shares that lagged last week.
The Dow Jones Industrial Average rose by 112 points, about 0.7% to close at 16,695.02, after peaking at 16,704.84 earlier in the afternoon. The S&P 500 gained 18.13 point, or 1%, beating its previous record to close at 1,896.65.
The Dow’s Monday close surpassed the record 16,583 hit on Friday. Monday’s boost follows an uptick in shares for Internet companies including Twitter, Yahoo, and Facebook, according to CNBC. Hillshire Brands’ acquisition of Pinnacle Foods, which owns Aunt Jemima among other brands, helped push the company’s stock 13,4%, according to the Associated Press.