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Tesla jumps after hitting $1 trillion in market value on

Friday

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Crypto stocks gain as bitcoin surges

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Russell 2000 up 1%

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Indexes: Dow up 0.89%, S&P 500 up 0.22%, Nasdaq down 0.01%

(Updated at 09:48 a.m. ET/1448 GMT)

By Lisa Pauline Mattackal and Purvi Agarwal

Nov 11 (Reuters) - Wall Street's main indexes hit record

highs on Monday, extending post-election gains, ahead of the

next batch of economic data that could decide whether the equity

rally can sustain itself.

Several stocks that gained following the U.S. election

results continued their upward trajectory. Tesla jumped

6.7% after touching $1 trillion in market value on Friday for

the first time since 2022.

The EV maker gave a boost to consumer discretionary shares

, with the sector at a record high and up 1.3% on

Monday.

The Dow Jones Industrial Average rose 390.08 points,

or 0.89%, to 44,379.07, the S&P 500 gained 13.36 points,

or 0.22%, to 6,008.90, and the Nasdaq Composite lost

1.11 points, or 0.01%, to 19,285.66.

The Nasdaq, however, retreated after hitting a record high

as megacap stocks weighed.

Financial stocks such as Goldman Sachs ( GS ) and

JPMorgan Chase ( JPM ) jumped 2.7% and 1.5%, respectively. An

index tracking regional banks was up 2.4%.

Shares of financial companies were the biggest boost to the

Dow.

The small-cap Russell 2000 rose 1%, trading at its

highest level since last November, with the sector expected to

be a key beneficiary of President-elect Donald Trump's proposed

tax cuts and expectations of an easier regulatory environment.

The three main Wall Street indexes soared in the previous

week as Trump retook the White House. The benchmark S&P 500

briefly crossed the 6,000 mark on Friday and the Dow

touched 44,000 points for the first time.

Crypto stocks rallied as bitcoin soared past $81,000

on Monday. Coinbase Global ( COIN ) jumped 12.6% and bitcoin

miners MARA Holdings ( MARA ) and Riot Platforms ( RIOT ) gained

16.7% and 15.8%, respectively.

"This is very much a continuation of a post-election sigh of

relief rally," said Art Hogan, chief market strategist, B Riley

Wealth. "The second piece of the puzzle is that the Fed cuts

rates again."

The U.S. Federal Reserve cut interest rates by 25 basis

points as expected last week, and investors see a 65.1% chance

of the same move at its December meeting, according to CME

FedWatch.

Stocks are on solid footing as the year-end nears, with the

benchmark index already up more than 25% year-to-date as AI

enthusiasm and the start of Fed rate cuts have supported an

upbeat outlook.

Focus will be on consumer price inflation data, due

Wednesday, and a raft of other key data this week.

"The Fed has told us that the risk to their outlook is

balanced and that things that they focus on are full employment

and stable prices, the stable prices mandate certainly would

have all eyes glued to the CPI," Hogan said.

AbbVie ( ABBV ) fell 11.7% after the drugmaker's

experimental schizophrenia drug failed to meet the main goal of

two mid-stage trials.

Advancing issues outnumbered decliners for a 2.11-to-1 ratio

on the NYSE and a 1.55-to-1 ratio on the Nasdaq.

The S&P 500 posted 82 new 52-week highs and seven new lows,

while the Nasdaq Composite recorded 210 new highs and 37 new

lows.