S&P 500 tops 2,000 for first time

Broad rally in financials and biotechnology stocks led the market

The S&P 500 rose to a new record on Monday, crossing 2,000 for the first time in a broad rally in which financials and biotechnology stocks led the market.

All 10 primary S&P 500 sectors were higher on the day, and more than two-thirds of stocks traded on both the New York Stock Exchange and the Nasdaq were higher on the day.

The benchmark S&P hit a new intraday record shortly after opening, and pierced 2,000 for the first time within the first hour of trading amid corporate merger activity and growing hopes for more monetary stimulus in European markets.

The Dow Jones industrial average rose 104.68 points or 0.62%, to 17,105.9, the S&P 500 gained 11.64 points or 0.59%, to 2,000.04 and the Nasdaq Composite added 27.75 points or 0.61%, to 4,566.30.