The Dow has been enjoying a record-setting rally, largely led by bank and industrial stocks, which are expected to benefit the most from higher spending on infrastructure and simpler regulations under a Donald Trump administration. Goldman Sachs rose 1.5 percent to $226.50 and provided the biggest boost to the Dow, after HSBC initiated coverage on the investment bank with a "buy" rating and a $250 price target. Investors also appeared to largely shrug off the resignation of Italian Prime Minister Matteo Renzi following a defeat in a referendum for constitutional reforms on Sunday.
Brent crude oil rose above $55 a barrel on Monday, trading at a 16-month high, on rising prospects of a tightening market after OPEC agreed a landmark deal to cut production last week. Monday's gains take the rally since the agreement was struck on Wednesday to 19 percent for Brent, the biggest jump in almost eight years, and 16 percent for U.S. crude. West Texas Intermediate (WTI) crude traded up 48 cents, also 1 percent, at $52.16 a barrel.
Native American reservations cover just 2 percent of the United States, but they may contain about a fifth of the nation’s oil and gas, along with vast coal reserves. Now, a group of advisors to President-elect Donald Trump on Native American issues wants to free those resources from what they call a suffocating federal bureaucracy that holds title to 56 million acres of tribal lands, two chairmen of the coalition told Reuters in exclusive interviews. The group proposes to put those lands into private ownership - a politically explosive idea that could upend more than century of policy designed to preserve Indian tribes on U.S.-owned reservations, which are governed by tribal leaders as sovereign nations.