Wall Street climbed on Monday, with the Dow Jones Industrial Average hitting an all-time high thanks to surging financial shares, while energy firms jumped after a US military strike that captured Venezuelan President Nicolas Maduro.
In afternoon trading, the Dow hit an all-time high, jumping 760 points, or 1.6%, to 49,142. The S&P 500 gained 0.7%, and the Nasdaq climbed nearly 150 points, or 0.6%, to 23,375.
Investors bet Washington’s move against Venezuela’s leadership would allow US firms access to the world’s largest oil reserves. A US embargo on Venezuelan oil remained in full effect, President Trump said.
The S&P 500 energy index rose to its highest since March 2025 and was last up 2.5%, with heavyweights Exxon Mobil rising 2.4% and Chevron jumping 5.8%.
Weapon manufacturers also advanced after Washington’s military action. Lockheed Martin rose 2.8% and General Dynamics climbed 3.2%, while the S&P 500 aerospace and defense index rose 1.8% to a record high.
“Energy stocks are really benefiting from the expectation that President Trump is intending to send them in to do more investment in Venezuela and ultimately make more money for themselves,” said Rob Haworth, senior investment strategist at US Bank Wealth Management in Seattle.
“The lack of permanent boots on the ground, the fact that we’re not permanently engaged, means the broader equity markets are able to set aside what might have been fears of a prolonged engagement,” Haworth said.
Tesla climbed 4.2% after seven straight sessions of losses. Nvidia dipped 0.6%.
The S&P 500 financials index rose 2.7% as investors looked to upcoming quarterly reports. Analysts on average see S&P 500 financial companies growing their earnings 6.7% year-over-year in the December quarter.
Goldman Sachs rose 4.8% and JPMorgan Chase added 3.4%, with both banks hitting record highs.
“The mood has been favoring financial stocks in recent days and as people look beyond tech, this is a sector many are choosing to look toward,” said Steve Sosnick, chief market analyst at Interactive Brokers.
Wall Street’s main indexes posted double-digit gains in 2025 for the third consecutive year, a run last seen in 2021.
Data showed US manufacturing contracted more than expected in December, extending a 10-month slump.
The spotlight will now be on the monthly nonfarm payrolls on Friday, which could influence the Federal Reserve’s monetary policy in 2026.
Markets are pricing in about 60 basis points of interest rate easing this year, according to LSEG.
Cryptocurrency-linked shares advanced as bitcoin hit a more than three-week high.
Strategy, formerly MicroStrategy, climbed 4.6%, while Coinbase gained 8.6%. Goldman Sachs upgraded Coinbase to “buy” from “neutral.”
