Wall Street starts the week with a bang

May 12, 2014: 4:02 PM ET

Dow rallies 112 points, closing at an all-time high for the second day in a row.

By Ben Geier, reporter

FORTUNE -- Records are made to be broken. And as the Dow Jones industrial average showed Monday, sometimes those records are broken quickly.

After rising to a new record high of 16,583.34 at Friday's close, the Dow index finished Monday up 112 points, or 0.7%, and at a new record close.

Other stock gauges also rallied. The S&P 500-stock index closed Monday up 18 points, or 1%, while the tech-rich Nasdaq Composite index added 72 points, or 1.8%.

The S&P 500 closed at its ninth record high of the year, while the Nasdaq Composite saw its biggest one-day percentage gain since Jan. 30, according to the Wall Street Journal.

The Russell 2000, which tracks small-cap stocks, saw a gain of 2.4%.

Monday's economic calendar was light, but the day's rally followed news of M&A activity.

Hillshire Brands said it would pay $6.6 billion to purchase Pinnacle Foods, while the board of Botox-maker Allergan rejected a $46 billion unsolicited offer from Valeant Pharmaceuticals. Also, Pfizer prepared to woo U.K. lawmakers in its plan to buy AstraZeneca for $106 billion.

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