Stocks are rallying towards new highs

US stocks opened higher but little changed to start what may be the quietest week of the year in markets.

The Dow made another climb towards 20,000, trading at 19,962 (+0.15%) at 9:38 a.m. ET.

The tech-heavy Nasdaq rose to a new intraday high of 5,501.70, up 0.74%. The S&P 500 is up 0.2% to 2,268.65.

The Dow could close higher for an eighth straight week, its longest streak since November 2013. Stocks gained after the election as investors cheered the prospects of President-elect Donald Trump’s promises to cut taxes and ease regulations.

Also, there was a sense of relief on Wall Street and among consumers that the tense campaign trail ended with a clear winner.

In other markets, crude oil rose following news that the monitoring committee of the Organisation of Petroleum Exporting Countries (OPEC) and non-members will meet on January 13. They recently agreed to lower production levels in a bid to raise oil prices.

West Texas Intermediate crude oil, the US benchmark of prices, rose by 1.2% to $53.65 per barrel.

In US economic data, home prices extended to their best levels since the financial crisis, according to the October reading of the S&P/Case-Shiller index.

NOW WATCH: Watch Yellen explain why the Federal Reserve decides to raise rates

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.