Wall Street shrugs of Italian rejection of constitutional reforms, new record highs

Wall Street managed another record and finished higher on Monday on the back of further signals that the US economy is improving.

The markets shrugged off the Italian no vote and rejection of constitutional reforms, instead focussing on upbeat data with the US services ISM that rose from 54.8 to 57.2 – the fastest pace of expansion since October 2015. Also on Monday, the Fed’s labour market conditions index rose from an upwardly revised 1.4 to 1.5 (0.2 expected) showing that the labour market in good health. 

The Dow Jones Industrial Average closed up 45.82 points, or 0.2%, at 19,216.24 and another record close after making another intraday record of 19,274.85 earlier in the session. The S&P 500 gained 12.76 points, or 0.6%, to close up at 2,204.71. The Nasdaq Composite index rallied 53.24 points, or 1%, to close at 5,308.89.

Italian referendum: 'No' wins in most regions