US Dow, S&P 500 hits record high

The US stocks were mostly higher on Monday, 15 March 2021, with the Dow and the S&P 500 ending session at new record closing highs amid growing optimism about the economic outlook amid progress on coronavirus vaccination efforts and the recent passage of a new $1.9 trillion stimulus bill. However, market gains capped on caution ahead to the Federal Reserve's monetary policy announcement on Wednesday.

At the close of trade, the Dow Jones Industrial Average index advanced 174.82 points, or 0.53%, to 32,953.46. The S&P500 index added 25.60 points, or 0.65%, to 3,968.94. The tech-heavy Nasdaq Composite Index added 139.84 points, or 1.05%, to 13,459.71.

Nine of the 11 major S&P sector indexes rose, led by utilities and real estate, each up more than 1%.

Tesla rose after the company added "Technoking of Tesla" to Chief Executive Elon Musk's list of official titles in a formal regulatory filing.

Shares in Eli Lilly and Co shares fell 9.1% after "mixed" results from the drug maker's mid-stage trial testing its experimental drug to treat Alzheimer's.

US longer-term treasuries rose on Monday (yields lower). Traders looked ahead to this week's Federal Reserve meeting and government debt auctions. US Treasury will hold a $24 billion, 20-year bond auction on Tuesday and a $13 billion, 10-year Treasury Inflation-Protected Securities auction on Thursday.US 2-year yields were flat near 0.153%. And US 10-year yields fell by 3 points to near 1.606%.

On the U.S. economic front, the Federal Reserve Bank of New York latest report showed that general business conditions index climbed to 17.4 in March from 12.1 in February, with a positive reading indicating growth in regional manufacturing activity. Looking ahead, the New York Fed said firms remained optimistic that conditions would improve over the next six months, anticipating significant increases in employment.

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