U.S. stocks rose Monday, with the three major indexes posting simultaneous record closes for the second time in less than a week, as investors digested rising oil prices.
"The fundamental picture has been mixed, so it's a little bit hard to look to that as the reason for what seems to be a solid rally," said Bruce McCain, chief investment strategist at Key Private Bank.
He also noted that Democratic nominee Hillary Clinton's lead in the polls over her GOP counterpart, Donald Trump, may be a contributing factor to the recent rally. "Not to make a statement on which candidate is better, but usually markets prefer for the incumbent party to retain the White House."
The three indexes also posted new intraday highs, as benchmark S&P 500 and the Nasdaq composite broke above previous intraday highs of 2,188.45 and 5,238.54, respectively, shortly after the open. The Dow Jones industrial average also posted a record high, rising past its previous high of 18,638.34. These previous records were all set last week, despite the indexes posting just slight weekly gains.
"It's a major vacation time between now and Labor day," said Ernie Cecilia, CIO at Bryn Mawr Trust. "The market right now is floating up on not a lot of news." "There's a lack of alternatives into other instruments," he said, noting that trading volume has been low recently.
The S&P closed about 0.3 percent higher, with materials leading. Twenty-nine S&P components hit new 52-week highs, including Sysco — which reported quarterly results before the bell, Ross Stores and Procter & Gamble.
"The market is being driven by the same theme," said Bruce Bittles, chief investment strategist at Baird, referring to low interest rates around the world and the "hunt for yield." "Until we get some optimism, the path of least resistance is higher. Nobody likes this market."