US stocks inch further into record territory

NEW YORK (AP) - The stock market eked out another record close Monday as investors remained confident that stimulus from central banks would revive global growth. Retail stocks rose ahead of the crucial holiday season.

Stocks have surged following a slump that lasted from mid-September to mid-October. The rally has been driven by optimism that central banks in Europe, China and Japan will invigorate economic growth outside the U.S.

"You clearly have momentum favoring stocks right now," said Russ Koesterich, chief investment strategist at Blackrock.

The Standard & Poor's 500 index rose 5.91 points, or 0.3 percent, to 2,069.41. The index has climbed for seven of the last eight days and is at an all-time high, having gained almost 12 percent this year.

The Dow Jones industrial average rose 7.84 points, less than 0.1 percent, to 17,817.90. The Nasdaq composite gained 41.92 points, or 0.9 percent, to 4,754.89.

On Monday, the gains were led by the so-called consumer discretionary sector, which includes retailers such as Coach, Urban Outfitters and Gap. These stocks should benefit most if the consumers go on a spending spree this holiday season.

Coach rose 95 cents, or 2.6 percent, to $37.41 as analysts at Stifel reiterated their belief that the maker of luxury clothing and accessories is "doing the right things to reinvigorate the brand." The analysts believe that the stock's price could climb as high as $47. The stock is down 32 percent for the year.

Telecommunications stocks were among the day's biggest losers. Verizon and AT&T slumped after analysts at Citigroup published a gloomy review of the sector and predicted a tough year ahead for the two phone giants.

The slump in energy prices bodes well for the upcoming holiday shopping season, said Jennifer Ellison, a principal of San Francisco-based Bingham, Osborn & Scarborough. She predicts that any money that consumers save at the gas pump is likely to be spent, rather than saved.