Technology companies helped lift stocks modestly higher on Wall Street Monday, nudging the S&P 500 and Nasdaq indexes to all-time highs.
The S&P 500 rose 0.2%, with only slightly more than half the companies in the index notching gains. Banks and companies that rely on consumer spending were among the winners, outweighing a pullback in household goods makers and health care stocks, among others.
A rally in technology companies, which powered much of the market’s gains in 2020, helped push the Nasdaq to its first record high since Feb. 12. The index fell more than 10% from that peak by March 8, what is known on Wall Street as a “correction.” With Monday’s gain, the Nasdaq has recouped all of its losses from that March slide.
The Dow Jones Industrial Average closed slightly lower, while small company stocks outpaced the broader market, a sign investors are feeling confident about the economy. Treasury yields were broadly higher.
The market’s modest gains came as investors geared up for the busiest week for earnings so far this season. Of the 500 members of the S&P 500 index, 181 will report this week. Ten of the 30 members of the Dow will also release their results.