The Dow Jones industrial average closed up 35.78 at 6,255.60, topping Friday's record close. The NYSE, Nasdaq and Standard & Poor's composite indexes all hit record highs as well. But the American Stock Exchange index was languishing.
Advancers outnumbered decliners by a 7-to-5 margin on the New York Stock Exchange, with 1,387 up, 1,006 down and 876 unchanged. NYSE volume totaled 353.96 million shares vs. 402.32 million on Friday.
The Standard & Poor's 500-stock index rose 1.05 to 731.87, and the NYSE's composite index rose 0.51 to 386.83. The Nasdaq composite index rose 4.06 to 1,261.57, but the American Stock Exchange index fell 0.66 to 579.73.
Last week, the stock market celebrated the return of a Republican majority to Congress by driving prices higher. Today, consumer-related stocks led the Dow higher, as investors decided that this week's economic data will not show sufficient inflation to warrant an increase in interest rates.
The Federal Reserve's Open Market Committee is not expected to raise rates in a bid to corral inflation when it meets Wednesday. If rates remain stable, investors are betting that consumer spending should be robust through the holiday season, analysts said.