* S&P energy jumps more than 2 pct as oil gains
* Facebook surges on $6 bln buyback news
* Tyson Foods slumps on profit miss, CEO departure
* Indexes up: Dow 0.4 pct, S&P 0.6 pct, Nasdaq 0.8 pct
(Updates to late afternoon, adds dateline)
By Caroline Valetkevitch
NEW YORK, Nov 21 All three major U.S. stock
indexes were on track to hit closing records on Monday, helped
by gains in energy and other commodity-related shares and as
Facebook led a jump in technology.
The indexes, all of which hit intraday record highs, have
rallied since the Nov. 8 U.S. election, with investors snapping
up shares of banks, health care and other companies expected to
benefit from President-elect Donald Trump's policies.
The energy index gained 2.1 percent to a 16-month
high, dominating the gainers among the 11 major S&P sectors, as
U.S. oil prices jumped 3.9 percent. Hopes that the OPEC would
agree to an output cut next week lifted oil prices. The S&P
materials index was up 1 percent.
"I think the post-election rally is continuing," said Bucky
Hellwig, senior vice president at BB&T Wealth Management in
Birmingham, Alabama. "There was some concern that rates might
rise too far, but it looks like they may have slowed down a
"A lot of money came out of bond funds last week, and I
think that can continue, given the spread between what stocks
can do versus bonds."
The technology index, which had dropped 0.4
percent since the election, was up 0.9 percent. Facebook
rose 4 percent, giving the Nasdaq its biggest boost, after the
company announced a $6-billion share buyback program late
The Dow Jones industrial average was up 69.58 points,
or 0.37 percent, to 18,937.51, the S&P 500 gained 13.45
points, or 0.62 percent, to 2,195.35 and the Nasdaq Composite
added 40.88 points, or 0.77 percent, to 5,362.39.
A spate of tech deals also boosted sentiment in the sector
and the broader market.
LifeLock surged 15.2 percent after Symantec
said it would buy the identity theft protection company
for $2.3 billion. Symantec rose 4.7 percent.
Applied Micro Circuits jumped 11 percent after
Macom Tech said it would buy its fellow chipmaker for
$770 million. Macom was off 4.1 percent.
Tyson Foods shares fell 14.2 percent after the meat
processor forecast a lower-than-expected 2017 profit and said
its CEO would step down.
Advancing issues outnumbered declining ones on the NYSE by a
3.11-to-1 ratio; on Nasdaq, a 1.39-to-1 ratio favored advancers.
The S&P 500 posted 37 new 52-week highs and 3 new lows; the
Nasdaq Composite recorded 223 new highs and 19 new lows.
(Additional reporting by Yashaswini Swamynathan in Bengaluru;
Editing by Savio D'Souza and Nick Zieminski)