U.S. stocks rally amid Fed official speech, Italy referendum

U.S. stocks rose Monday, with the Dow Jones Industrial Average refreshing new closing record, as investors meditated on Fed official's comments and a key referendum in Italy.

The Dow Jones Industrial Average added 45.82 points, or 0.24 percent, to 19,216.24. The S&P 500 gained 12.76 points, or 0.58 percent, to 2,204.71. The Nasdaq Composite Index jumped 53.24 points, or 1.01 percent, to 5,308.89.

New York Federal Reserve President William Dudley said Monday that he backs measured rate hikes if the U.S. economy stays on its current trajectory, according to the CNBC.

U.S. total nonfarm payroll employment increased by 178,000 in November, and the unemployment rate declined to 4.6 percent, the lowest level in nine years.

Analysts said the better-than-expected jobs data might strengthen the case for an interest rate hike later this month.

According to the CME Group's FedWatch tool Monday, market expectations for a December rate hike were 94.9 percent.

Investors also kept a close eye on Sunday' s Italy referendum. According to local media, "No" votes were at 59 percent and the "Yes" at 41 percent.

Italian Prime Minister Matteo Renzi on Monday announced his resignation after the defeat. Analysts believed that Renzi's defeat dealt a blow to the European Union which is already struggling to overcome a number of crises including the Greek debt problem and Brexit.

On other economic news, the Non-Manufacturing Index, which measures activity in the U.S. service sector, registered 57.2 percent in November, 2.4 percentage points higher than the October reading and beating market consensus, the Institute for Supply Management (ISM) said in its monthly survey Monday. Enditem