S&P Hits Record High to Start Week

Stocks nudged higher Monday, building on their strong performance from last week, with the S&P 500 and Dow Jones Industrial Average reaching new all-time highs. Investors also awaited the release of key inflation and earnings data.

The blue-chip index shot up 217.18 points to move into Monday afternoon at 38,888.87.

The S&P 500 index improved 20.74 points to 5,047.35.

The NASDAQ index jumped 70.97 points to 16,061.63.

Salesforce dragged the Dow down, with the cloud-based software stock sliding 1%. Shares of Hershey slid more than 1% following a downgrade to underweight from Morgan Stanley on the back of softer demand.

On the other hand, Diamondback Energy rose 10% after announcing that it would acquire oil and gas producer Endeavor Energy Partners.

Nvidia stock rose 2.4%, marking a 20% gain on the month and pushing the chip giant’s market capitalization closer to overtaking that of Amazon’s. Fellow “Magnificent 7” titan Meta Platforms also added more than 1%.

Prices for the 10-year Treasury sagged, raising yields to 4.19% from Friday’s 4.18%. Treasury prices and yields move in opposite directions.

Oil prices were better by 17 cents to $77.01 U.S. a barrel.

Gold prices floundered $9.20 to $2,039.10.