Dow, S&P 500 end at record highs

On Monday S&P 500 as well as the Dow closed at record highs while the Nasdaq soared as shares of biotech and Internet shares rose.

The Dow increased by 112.13 points or 0.68% to a record closing high at 16,695.47.

The S&P 500 increased 18.17 points or 0.97% to a record closing high at 1,896.65. The Nasdaq Composite increased 71.99 points or 1.77% to 4,143.859.

The surge came in spite of a vote in favor of self-rule in eastern Ukraine in a referendum rejected by Western governments and Kiev as illegal. The European Union is certain to increase pressure on Russia by extending sanctions to individuals and companies.

Hillshire Brands Co approved acquisition of Pinnacle Foods for $6.6 billion, including debt. Pinnacle climbed 13.2% to $34.47 whereas Hillshire dropped 3.2% to $35.76.

India-related exchange-traded funds and shares of Indian companies listed in the U.S. soared since polls in India forecasted that the world’s biggest democracy's main opposition party would win elections.

Shares of Allergan Inc declined 1% to $159.72 after the firm rejected takeover offer of $47 billion from Valeant Pharmaceuticals International Inc. Valeant's U.S.-listed shares dropped 0.8% to $130.16.

About 5.7 billion shares were traded on U.S. exchanges, below the 6.2 billion average for the month to date.

On the Nasdaq and the New York Stock Exchange advancers outnumbered decliners by a ratio of about 4 to 1.