The Dow Jones Industrial Average and S&P 500 closed at record highs on Monday, continuing a strong post-election rally.
The Dow rose nearly 0.7%, surpassing 44,000 for the first time, while the S&P 500 closed above 6,000. Both indexes capped their best week of the year.
The Nasdaq ended flat, weighed down by declines in Nvidia, Apple, and Meta. Small-cap stocks also gained, with the Russell 2000 hitting its highest level since November 2021.
Markets opened near all-time highs on optimism for lower taxes and deregulation under President-elect Donald Trump, along with a recent Fed rate cut.
Bitcoin surged to a record as expectations grew for a crypto-friendly administration, lifting other digital currencies and related stocks like Coinbase and Robinhood.
Tesla stock rose over 8%, driven by hopes for strong ties between CEO Elon Musk and the incoming president.
Despite the rally, concerns are growing about its sustainability, with Wall Street awaiting October inflation data to gauge the Fed’s next moves.