S&P 500 closes at record; Dow snaps 7-day streak

Stocks closed mixed Monday as the S&P 500 set another record high but the Dow stumbled as it broke its 7-day winning streak.

The Standard & Poor's 500 index gained 1.80 points, or 0.1%, to a record close of 2090.571 and set an intraday all-time high of 2093.55. It was the 53rd record close of the year for the broad-based Standard & Poor's 500 index.

The Dow Jones industrial average retreated from Friday's record close, dropping 15.48 points, or 0.1%, to 18,038.23.

The blue-chip index has enjoyed a strong year-end rally and has gained nearly 1,000 points since a 5% pullback ended on Dec. 16. But the Dow hasn't posted an eight-day win streak since a 10-session run that began on March 1, 2013.

The Nasdaq composite index was flat, rising just 0.05 to 4806.91.

Oil prices fell another 2% as crude for February delivery sank $1.12 to $53.61 a barrel in New York.

Markets came under under pressure as a call for early elections in Greece sparked financial concerns about the future of its bailout program. "Most of the bad news came from overseas … and that makes the U.S. market more attractive," said Jack Ablin, chief investment officer at BMO Private Bank.

Russia was in focus as the ruble plunged after the economy showed the first signs of recession as falling oil prices and Western sanctions take a toll. Russia's gross domestic product shrank 0.5% in November from a year earlier, the Economy Ministry in Moscow said. The ruble fell as much as 9% Monday.

European stocks recovered late in the day after falling sharply earlier on news that Greece was headed for early general elections after the country's parliament failed to elect a new president in a third and final round of voting. Germany's DAX index was up less than 0.1% to 9927.13 and France's CAC 40 gained 0.5% to 4317.93. Britain's FTSE index closed 0.4% higher at 6633.51.

The Athens exchange was down 4%, having fallen as much as 11% earlier.

Asian stocks were mostly higher Monday after a report that China will change banking rules in an apparent effort to boost lending and economic growth as oil prices rebounded. The official Xinhua News Agency reported Sunday that regulators will change accounting rules for bank deposits to free up more money for lending.

Japan's Nikkei 225 index fell 0.5% to 17,729.84 on Monday and Hong Kong's Hang Seng index rose 1.8% to 23,773.18. The Shanghai composite gained 0.3% to 3168.02.

The Nikkei's drop came after Japan's Ministry of Health, Labor and Welfare said a man who returned to Japan from Sierra Leone on Dec. 23 was suspected of having contracted the Ebola virus, Reuters reported.

Stocks rose Friday as the Dow and S&P 500 closed at new records. The Dow added 0.1% to 18,053.71 and the S&P 500 rose 0.3% to 2088.77. The Nasdaq gained 0.7% to 4806.86.

Contributing: USA TODAY's Adam Shell, Associated Press

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