Major US stock indices are moderately higher on Monday, hovering close to record levels, driven by the growth of the technology sector stocks. Trading activity in the market is low and likely to remain so, as many market participants go on vacation.

As shown by the latest survey, the acceleration of growth in jobs for the third month in a row and a greater degree of optimism about the prospects for business development in the year ahead. At the same time, cost pressures intensified in December, while the last increase in purchase prices was one of the fastest since mid-2015. On a seasonally adjusted, preliminary index of business activity in the US services sector from Markit reached 53.4 in December, slightly down from 54.6 in November, but above the neutral value of 50.0 tenth month in a row. The average reading for the last quarter of 2016 (54.2) indicated the steepest rise in output in the services sector in the fourth quarter of 2015.

Oil prices fell in response to concern about the increase in supply in the United States. However, some support oil quotes provided the delay in the supply of oil from Libya. On Sunday, the Libyan state-owned National Oil Co. suspended the planned production recovery in the western oil fields as rebels threatened to block the supply of oil. Experts warn, production recovery in Libya could affect the overall effectiveness of the OPEC agreement. If Libya is to increase oil production, it can cause other countries to the cartel on the larger production cuts.

Some analysts expect that oil prices will continue in early 2017 because of the deal between the Organization of Petroleum Exporting Countries and some other manufacturers, which implies a reduction of oil production by almost 1.8 mln. Barrels per day since January.

DOW index components closed mostly in positive territory (20 of 30). Most remaining shares rose United Technologies Corporation (UTX, + 2.08%). Outsider were shares of Merck & Co., Inc. (MRK, -2.23%).

Most of the S & P sectors recorded increase. The leader turned out to be the technology sector (+ 0.5%). conglomerates (-1.7%) sectors fell most.

At the close:

DOW + 0.20% 19,883.88 +40.47

Nasdaq + 0.37% 5,457.44 +20.28

S & P + 0.20% 2,262.57 +4.50