US stocks reach new records; Obama hits broadband firms

US President Barack Obama at the Apec CEO Summit in Beijing on Nov 10, 2014. US stock markets soared to fresh records Monday but Internet broadband carriers were hit hard by Mr Obama's call for tough net neutrality rules. -- PHOTO: REUTERS
US President Barack Obama at the Apec CEO Summit in Beijing on Nov 10, 2014. US stock markets soared to fresh records Monday but Internet broadband carriers were hit hard by Mr Obama's call for tough net neutrality rules. -- PHOTO: REUTERS

NEW YORK (AFP) - US stock markets soared to fresh records Monday but Internet broadband carriers were hit hard by President Barack Obama's call for tough net neutrality rules.

For the fourth straight session, the Dow Jones Industrial Average broke its all-time closing record, gaining 39.81 points (0.23 per cent) at 17,613.74.

The S&P 500 added 6.34 (0.31 per cent) at 2,038.26, its fourth record close in a row, while the Nasdaq Composite rose 19.08 (0.41 per cent) to 4,651.62.

Obama's statement against allowing large Internet service providers to discriminate between customers on Internet access and speeds was seen as a blow to an industry expecting to earn more by offering better broadband service and performance to preferred customers.

Comcast fell 4.0 per cent, Time Warner Cable lost 4.9 per cent, Charter Communications lost 6.2 per cent, and Verizon fell 0.3 per cent.

Nike led the Dow blue chips with a 1.3 per cent gain, while Intel continued its slide with another 1.0 per cent loss.

Among tech stocks, Amazon gained 1.8 per cent while Chinese rival Alibaba soared 4.0 per cent.