The hit a new intraday high of 2,194.34 on Monday, powered by several energy stocks.
The energy sector gained 2 percent on the day, led by Chesapeake Energy and Marathon Petroleum, which climbed 7 percent and 8.9 percent, respectively. Ritholtz Wealth Management CEO Josh Brown said Monday that investors correlate earnings outlook with future performance too often, and said that wasn't the case with the energy sector this year.
"I don't think investors fully grasp this concept that it's not just 'what are the earnings going to be?'" Brown said. "It's where are expectations and where is the market positioning — nobody wanted to own these names, now they do," the CNBC "Halftime Report" contributor said.
The Energy Select Sector SPDR ETF is up more than 20 percent year to date and leads the S&P index.