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2018.01.2221:54:00UTC+00Wall Street Gains as Dow Jumps 142 Points

U.S. stocks advanced on Monday, paring marginal losses from earlier in the day, as lawmakers reached a deal that would resume government operations.

The Dow Jones industrial average gained 142.88 points to end at 26,214.60, an all-time peak.

The S&P 500 climbed 0.8 percent to close at a record of 2,832.97, with energy and telecommunications as the best-performing sectors.

The Nasdaq composite also notched an all-time high, rising one percent to 7,408.03, with shares of Netflix hitting a record.

Legislation to renew federal funding to the government cleared a procedural hurdle in the Senate and was expected soon to pass votes in the Senate and House of Representatives, allowing government to re-open through Feb 8.

Investors also paid attention to the corporate earnings season. On Monday, Halliburton reported better-than-expected earnings, benefiting from a shale-driven surge in U.S. oil production, sending the company's shares up 3.7 percent.

The Nasdaq biotech index climbed 3.15 percent to hit its best day since June 21 after a flurry of merger activity in the sector with French drugmaker Sanofi and U.S.-based Celgene splurging a combined total of over $20 billion.

Industrial stocks were one of the that fell short, as woes continued for General Electric, down 0.55 after BofA-Merrill Lynch downgraded its stock. GE fell below $16 for the first time since 2011 and is down almost eight percent for the year.

The calendar fourth-quarter earnings season is off to a good start. As of Friday, 68 percent of the S&P 500 companies that had reported surpassed earnings expectations, while 85 percent of those companies had beaten sales estimates, according to FactSet.



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