U.S. stocks rose into Monday’s closing bell, pushing the S&P 500 and Nasdaq Composite to fresh records.
The broad S&P 500 index turned higher in the final hour of trading as investors accelerated their rotation into technology and other growth stocks. Investors’ interest in growth stocks picked up last week and carried over into Monday’s session.
Shares of Tesla , Facebook and Amazon.com all gained more than 1% Monday, while Apple and Netflix added more than 2%, helping the Nasdaq Composite Index notch its sixth advance out of the past seven trading sessions and its first record since April 26.
“Stock markets are by and large around all-time highs. We think there is still more upside there,” said Salman Baig, multiasset investment manager at Unigestion.
Other risk-on assets also rallied, including meme-stock AMC Entertainment Holdings . Crypto assets also got a boost after Tesla Chief Executive Elon Musk reopened the possibility of the electric-car maker accepting bitcoin for purchases.