The S&P 500 rose Monday to close at a fresh record close as Wall Street looked to build on last week’s gains.
The Dow Jones Industrials burst out of their lethargy, rumbling 188.94 points to 38,778.10.
The much-broader index gained 41.63 points to 5,473.23.
The NASDAQ surged 168.14 points, to 17,715.77.
Megacap technology stocks led the rally in the S&P, boosting the information technology sector 1.2%. Microsoft rose more than 1%, while Apple jumped 2%. Alphabet, Amazon and Meta Platforms also finished higher.
Nvidia inched up toward record highs as State Street said the chipmaker will likely have a more than 20% weighting in the rebalance of its tech exchange-traded fund, before reversing course. Broadcom shares added 5.4% to hit new highs and build on last week’s 23% gain.
Monday’s gains came after the S&P 500 and NASDAQ posted their seventh weekly gain in eight weeks. Entering the new week, investors wondered if the market could sustain its current momentum.
Investors are monitoring May retail sales data, due out on Tuesday, as well as home sales and housing starts data later in the week.
Prices for the 10-year Treasury sagged, lifting yields to 4.28% from Friday’s 4.21%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.01 to $80.46 U.S. a barrel.
Gold prices fell $14.30 to $2,354.80
