S&P 500, Dow climb to closing records as traders look past Fed independence risk: Live updates | …

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S&P 500, Dow climb to closing records as traders look past Fed independence risk: Live updates

Stocks rallied off their session lows, with the S&P 500 and Dow Jones Industrial Average hitting new all-time highs as investors shook off the Department of Justice opening a criminal investigation into Federal Reserve Chair Jerome Powell.

The S&P 500 rose 0.16% to end at 6,977.27, while the Dow Jones Industrial Average ticked up 86.13 points, or 0.17%, and settled at 49,590.20. Both indexes touched fresh all-time intraday highs and closed at records. The Nasdaq Composite was up 0.26% and closed at 23,733.90.

The major averages rebounded off their worst levels of the session, helped by gains in Walmart and some technology stocks. The Dow was down nearly 500 points, and the S&P 500 was off 0.5% at session lows. Alongside the S&P 500 and the 30-stock Dow, the Russell 2000 index notched a fresh all-time high as well.

Stocks shrug, hit record highs after Trump ups the ante against Jerome Powell and the Fed

Investors took one look at the Trump administration’s criminal investigation into Federal Reserve Chair Jerome Powell and decided to resuscitate the “Sell America” trade Sunday night, selling off US stock futures, bonds and the dollar.

But the “Sell America” trade was muted Monday, with US stocks recovering initial losses and closing higher. The Dow gained 86 points, or 0.17%, to close at a record high, recouping losses after falling almost 500 points earlier. The broader S&P 500 rose 0.16% and also closed at a record high. The tech-heavy Nasdaq Composite gained 0.26%.

Federal prosecutors open criminal investigation into the Fed and Jerome Powell

While stocks rebounded, the US dollar remained under pressure and weakened against other major currencies. The dollar index, which tracks the dollar’s strength against six major currencies, was down 0.24%.

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