U.S. stocks traded higher on Monday as technology stocks tried to recover from a wobbly performance last week.
The Dow Jones Industrials galloped 113.91 points to 21,498.19, surpassing a previous all-time high of 21,391.97, which was set last week.
The S&P 500 tacked on 16.69 points to 2,449.84, also to trade at a record, with information technology rising 1.4% to lead advancers.
The NASDAQ propelled higher 71.1 points, or 1.2%, to 6,222.86.
Large-cap technology stocks like Facebook, Amazon, Apple, Netflix and Google-parent Alphabet all rose approximately 1% in early trade.
Last week, valuation concerns sent the overall sector lower by around 0.8%. Tech is by far the best-performing sector of the year, rising 17.2%.
Several tech CEOs, including Amazon’s Jeff Bezos and Apple’s Tim Cook were slated to meet with President Donald Trump as the administration sets its sights on dramatic spending cuts.
There are no major economic data due Monday, but Wall Street paid attention to remarks from a key Federal Reserve official.
Before the bell, New York Fed President Bill Dudley said the central bank inflation should pick up as wages rise along with continuing improvement in the labour market.
Prices for the benchmark 10-year Treasury note dropped off, raising yields to 2.17% from Friday’s 2.15%. Treasury prices and yields move in opposite directions.
Oil prices settled 15 cents to $44.59 U.S. a barrel
Gold prices faltered $7.20 to $1,249.30 U.S. an ounce.