S&P 500, Dow hit closing record highs; tech rises

The S&P 500 and Dow registered record closing highs on Monday, with shares of technology companies and retailer Walmart gaining and as investors mostly brushed aside concerns about the US Justice Department’s criminal _investigation of US Federal Reserve Chair Jerome H. Powell.

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Shares of Walmart climbed 3%, boosting to the S&P 500 and the Nasdaq, where the retail giant moved its stock listing last month from the NYSE. Consumerstaples rose 1.4% and led sector gainers, while technology also increased.

Walmart is set to join the Nasdaq-100 index on Jan. 20, a shift that could draw in billions of dollars from passive index funds.

Stocks had opened lower on the news surrounding Mr. Powell. The Justice Department's threat of indictment, ostensibly focused on comments Mr. Powell made to Congress about a building renovation project, ramped up concerns about the Fed’s independence.