U.S. stocks climbed to new record highs Monday as investors remained bullish on President Donald Trump's economic agenda.
"The market is going on the optimism of the Trump tax plan that will be announced soon," said Robert Pavlik, chief market strategist at Boston Private Wealth. "This is very good news for the market."
The Dow Jones industrial average rose about 140 points, with Goldman Sachs contributing the most gains, to post its 22nd record close since Nov. 8. The S&P 500 gained 0.5 percent, with financials rising more than 1 percent to lead advancers, to notch its 14th record close since the U.S. election.
S&P also reached $20 trillion in market cap for the first time ever. It needed to break above 2,324.22 to reach the milestone, according to data from Howard Silverblatt, senior Index analyst at S&P Dow Jones Indices.
"The SPX extended its uptrend to a new all-time high last week, resolving another consolidation phase to the upside," said Katie Stockton, chief technical strategist at BTIG, in a note. She added that "short-term overbought conditions are not likely to be a near-term hindrance, particularly given the widespread breakouts that have occurred."
The Nasdaq composite advanced 0.5 percent as Apple shares closed at an all-time high. The index also posted its 23rd record close since Trump was elected.