"There is still juice left for equity investors," said Andrea Cicione, head of strategy at TS Lombard, in a note. "Increasingly global US companies will benefit from a robust international economy even if a maturing US cycle holds back domestic nominal GDP growth. While other markets may outperform, it's too early to throw in the towel on US stocks."
Investors have been able to shrug off news about turmoil in Washington, especially within the Trump administration.
Wall Street has also been able to look past the lack of progress in tax reform, one of the key catalysts for the market after President Donald Trump's election victory.
"Investors have greatly reduced their rather lofty expectations for tax reform and infrastructure spending; most now expect very little to come from congress," said Jason Pride, director of investment strategy at Glenmede, in a note. "A common refrain is that at least policy is not getting in the way of the ongoing expansion or growth in corporate profits."
Economic data have also been mostly positive lately. Last week, the Labor Department said the U.S. economy added 209,000 jobs last month, much more than expected. Wage growth, however, remained unchanged.
There are no major data due Monday, but St. Louis Federal Reserve President James Bullard said the central bank won't need to raise rates in the near term. "The current level of the policy rate is likely to remain appropriate over the near term," Bullard said.
Minneapolis Fed President Neel Kashkari said in a separate speech that immigration cuts proposed by the Trump administration will cut economic growth.