Dow, S&P 500 finish at all-time closing highs

Despite plunging oil and gas prices, stocks soared on Monday with the S&P 500 and the Dow Jones Industrial Average hitting new record closing highs.

The Dow Jones Industrial Average closed up 0.8% to 17,959.44, while the S&P 500 ended the day 0.3% higher to 2,078.54, which is a point or so above its record close of 2075.37 set Dec. 5.

The Dow's previous record was a finish of 17,958.79 set the same day.

The Nasdaq Composite of tech stocks closed up 0.3 percent to 4,7842, below its previous closing high of 4,180.86.

Last week, the Federal Reserve hinted that it's still on track to raise interest rates next year, a signal that the economy is strong despite plunging energy prices, which have punished the Russian ruble.

Tech giant Facebook also hit a new high on Monday, hitting $81.99 a share before closing up 2% to $81.45 a share. The stock boost comes amid excitement over the social-networking company's growing share of the mobile advertising market.

Sales of existing homes fell all over the U.S. in November, sliding 6.1% to the slowest annual pace since May, the National Association of Realtors said Monday.

But equities rallied globally after the US central bank said it will move cautiously toward a rate increase.

In Asia, Japan's Nikkei 225 index rose 0.1% and Hong Kong's Hang Seng index gained 1%. The Shanghai Composite rose 1%.

Asian markets were mostly higher Monday after the Fed's pledge not to rush to raise interest rates prompted investors to add risky assets ahead of the year-end holiday.

European stocks gained, the DAX of Germany ending the day up 0.8%.

A rise in the price of oil boosted energy stocks. Brent crude rose 1% to reach $62 a barrel Monday, while West Texas Intermediate crude gained $1% to reach $58 a barrel.

Igor Shuvalov, the Russian deputy prime minister overseeing the economy, said in comments to Russian news agencies Monday that the government "opposes" currency controls as a way to tackle the ruble crisis. He says he's expecting the ruble to extend its recent gains.

The ruble has been the worst performing currency this year along with the Ukrainian hryvnia, having lost half of its value.

The ruble was 5% higher in early afternoon trading Monday at 56 against the U.S. dollar.

Contributing: Associated Press.