Stocks At Record Highs; Casino Stocks Pressured, Leading Bank Breaks Out

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Stocks At Record Highs; Casino Stocks Pressured, Leading Bank Breaks Out

The tech-heavy Nasdaq slipped briefly to negative territory after hitting an all-time high earlier.

USA factory activity surged to a more than 13-year high in September amid strong gains in new orders and raw material prices, according to the Institute for Supply Management. Dallas Federal Reserve President Robert Kaplan is also scheduled to speak at 2 p.m.in NY. A lone gunman late Sunday killed at least 58 people and injured more than 500 in the worst mass shooting in modern US history.

Investors have pinned hopes on President Donald Trump's tax reform plan, which envisages lowering corporate tax to 20%.

The Institute for Supply Management (ISM) said on Monday its index of national factory activity surged to a reading of 60.8 last month, the highest reading since May 2004, from 58.8 in August.

Boosting the broader index was Johnson & Johnson, Gilead Sciences among healthcare stocks and JP Morgan and Citigroup among financials.

Techs now lead the sector standings (+0.3%), while energy (-1%) is sharply lower in tandem with the price of USA crude oil, which is -2.6% at $50.30/bbl on signs of higher production.

USA stock indexes registered a quartet of records on Monday as investors shook off a massacre in Las Vegas to take stocks further into record territory.

In other corporate news, Nordstrom -6.7% following a NY Post report that talks to take the company private are in danger of falling apart.

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