The Dow and S&P 500 hit new highs for the year as a critical week for markets begins

• The Dow, S&P 500, and Nasdaq 100 all notched new highs for 2023 on Monday.
• The rally in the major stock market averages comes as investors prepare for a series of central bank meetings.
• The Federal Reserve, Bank of England, and European Central Bank are all set to meet this week.

The Dow, S&P 500, and Nasdaq 100 all jumped to new highs for the year on Monday as investors prepare for a critical week filled with central bank meetings and economic data releases.

All three major averages are within spitting distance of their record highs, and the Dow Jones just notched a new high on a total-return basis.

Investors will get a fresh set of inflation data on Tuesday with the release of the November consumer price index. That will be followed up by the producer price index on Wednesday. The data should help inform the Federal Reserve as policymakers continue to weigh what to do with interest rates, though expectations are that they will keep rates unchanged.

The Fed is set to meet on Tuesday and Wednesday of this week, with the central bank making an interest rate decision on Wednesday, to be followed by a briefing from Chairman Jerome Powell.

Meanwhile, the Bank of England and the European Central Bank will meet Thursday, and both are also widely expected to keep interest rates unchanged.

Here's where US indexes stood at the 4:00 p.m. closing bell on Monday:

• S&P 500: 4,622.44, up 0.39%

• Dow Jones Industrial Average: 36,404.93, up 0.43% (157.06 points)

• Nasdaq Composite: 14,432.49, up 0.20%

Here's what else is going on today:

• Russia made $11.3 billion in net oil revenues in October — more than any month in the year before the Ukraine war.
• Jeffrey Gundlach said bonds look better than stocks heading into 2024, and that home prices could fall as mortgage rates decline.
• Argentina's newly elected president Javier Milei warned his country to prepare for a painful fiscal shock as he seeks to rein in sky-high inflation and avoid another recession.
• Shohei Ohtani's massive $700 million contract with the Los Angeles Dodgers appears to be having an impact on the Japanese stock market.
• Apple is on track to notch a $4 trillion valuation by the end of next year — the first-ever company on the stock market to do so, according to Wedbush.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil rose 0.35% to $71.48 a barrel. Brent crude, the international benchmark, jumped 0.42% to $76.16 a barrel.
• Gold dipped 0.90% to $1,996.30 per ounce.
• The 10-year Treasury yield was flat at 4.23%.
• Bitcoin declined by 6.84% to $40,795.