S&P 500, Nasdaq Notch Record Closes

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The S&P 500 and Nasdaq Composite advanced to record closes on Monday, with a rally in tech stocks pushing the latter index higher.

The tech-heavy Nasdaq advanced 1% as the S&P 500 added 0.2%. Last week, the broad-based index posted its biggest weekly advance since February and closed Friday at a record.

The Dow Jones Industrial Average fell 0.4%.

Shares have marched higher since mid-May, boosted by a robust economic recovery, the prospect of further fiscal stimulus and low bond yields that prompted investors to snap up stocks. Some investors are nonetheless concerned the market could hit a rough patch due to signs that growth has peaked as well as jitters over inflation and monetary policy.

“This recovery still has a long way to go and there is still strong growth,” said Frank Øland, chief strategist at Danske Bank. “But of course you’re probably past the peak growth momentum in the U.S., so data will begin to look less impressive, and that could be a concern.”

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