Midday Report: Dow Sets Record High as Oil Maintains Momentum, Strong Economic Data

The Dow trades at an all time high Monday as crude oil climbs higher and markets shrug off potential negative effects of Italy's 'no' vote on its constitutional reform referendum.

The Dow Jones Industrial Average traded at an all-time high Monday as crude oil climbed higher and markets shrugged off potential negative effects of Italy's "no" vote on its constitutional reform referendum, while receiving positive economic data. The Institute for Supply Management's Non-Manufacturing Index climbed to 57.2 in November outpacing the reading of 54.8 in October. The index showed solid gains in new orders and business activity. Shares of Energy Transfer Partners (ETP) , the company constructing the Dakota Access oil pipeline, fell after the Army Corps' decision to deny the company permission to extend the pipeline. The company released a statement Sunday night slamming the decision. Finally, Consolidated Communications  (CNSL) reached a deal to buy FairPoint Communications (FRP) for $1.5 billion, including debt. FairPoint shares jumped in trading on Monday, while Consolidated Communications shares dropped following the news. TheStreet's Valerie Young reports from Wall Street.