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US: S&P 500 Surges to all-time high

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[NEW YORK] The S&P 500 shot to an all-time intraday record in early trade Monday, as Wall Street shrugged off worries over slow global growth and volatile markets.

About 20 minutes into trade, the S&P 500 was at 2,138.79, about four points above the record set more than one year ago.

The Dow Jones Industrial Average rose 0.5 per cent to 18,244.43, while the tech-rich Nasdaq Composite Index climbed 0.7 per cent to 4,991.57.

The gains in the US extended Friday's momentum, when a much better-than-expected June jobs report lifted US stocks by about 1.5 per cent.

Sentiment was also boosted by expectations of additional economic stimulus in Japan after Prime Minister Shinzo Abe's party swept parliamentary elections.

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Still, analysts point to heightened uncertainty after Britain's surprise vote last month to leave the European Union.

US economic growth is projected to remain sluggish and the upcoming second-quarter earnings period is expected to focus on new business challenges facing companies amid a host of political unknowns about Britain and Europe.


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