Wall Street climbed as telecom stalwarts AT&T and Verizon gained and bank shares added to their torrid post-election rally, helping the Dow set another record closing high. Bobbi Rebell reports.
Stocks moved higher with the Dow closing at another record high. Gains in telecom services stocks and banks powered the indexes higher, but the gains were tempered by losses in energy stocks, brought down by lower energy prices. Financials have climbed more than 15 percent since the November 8th election. The continued gains are raising concerns about high valuations, says Jeff Tomasulo, CEO of Vespula Capital. SOUNDBITE: JEFF TOMASULO, CEO, VESPULA CAPITAL, (ENGLISH) SAYING: "As stocks get ahead of themselves, valuations come into play. So, you have got to keep that in mind. Especially financials right now, I think, we are a little overvalued in the overall market. We are probably a little overvalued, so any pullback of three to probably eight percent, I would be looking to get involved. " Boeing's shares recovered to close higher. They had been lower after President-elect Trump tweeted that costs of the new 747 Air Force One aircraft, at $4 billion, were "out of control" and that the order should be canceled. Trump's announcement that Japanese telecoms and internet firm SoftBank agreed to invest $50 billion in the United States lifted telecoms including Sprint T-Mobile. Turning to Europe, the major indexes moved higher as European banking shares soared to their highest level in almost 11 months.