LISTEN: Utah financial advisor on Dow closing record

Jan 22, 2024, 3:19 PM | Updated: 4:02 pm

File - A sign at the intersection of Broad and Wall streets is shown outside the New York Stock Exc...

File - A sign at the intersection of Broad and Wall streets is shown outside the New York Stock Exchange, Monday, Dec. 11, 2023, in New York. (Yuki Iwamura, Associated Press)

(Yuki Iwamura, Associated Press)

Sound up for our 3:45 interview with DMBA’s Shane Stewart.

 Originally Published: 22 JAN 24 16:24 ET

New York (CNN) — Stocks gained on Monday, building on last week’s gangbusters rally, with the Dow crossing the 38,000 mark for the first time ever.

The Dow rose 138 points, or 0.4%, ending the day at 38,001.81. The S&P 500 gained 0.2% and the Nasdaq Composite added 0.3%.

The S&P 500 also closed at an all-time high, reaching 4,850.43.

Year-end price targets for the Dow range from 34,000 to 45,000, according to Capex.

The S&P 500 on Friday entered bull market territory, rallying more than 20% off its lows and hitting a new record.

Elsewhere, Macy shares added 3.6% after the company over the weekend rejected a $5.8 billion bid from Arkhouse Management and partner Brigade Capital Management to take the company private.

Spirit Airlines shares popped 19.5% after the company and JetBlue on Friday filed an appeal of the ruling blocking their planned merger. JetBlue shares gained 0.2%.

Archer-Daniels-Midland shares slid 24.2% after the company placed its chief executive on leave and trimmed its earnings forecast after launching a probe into its accounting practices.

This is a developing story and will be updated.

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LISTEN: Utah financial advisor on Dow closing record