The Nasdaq composite posted a record close on Monday, led by shares of Apple and Amazon.
The tech-heavy index rose 0.7 percent to 7,606.46 as Apple and Amazon gained 0.8 percent and 1.5 percent, respectively. Apple and Amazon also posted record closing highs. The Nasdaq also closed less than half a percent away from an intraday record.
"If you look at the month of May, Apple — all by itself — contributed 23 percent of the S&P 500's gains," said Jeff Kilburg, CEO of KKM Financial on CNBC's "Worldwide Exchange." "When you see Apple at all-time highs, that is the sentiment, that is the true revelation that we are OK in the U.S. economy."
Microsoft also helped lift the Nasdaq, rising 0.9 percent to a record after announcing it was acquiring GitHub, a software developer platform, for $7.5 billion. Other tech names hitting all-time highs on Monday included Adobe, Electronic Arts and Netflix.
Monday marked the first record closing high for the Nasdaq dating back to March 12, when it closed at 7,588.32. The index fell more than 10 percent after hitting that level before bouncing back.
A rise in retail stocks also boosted the major indexes. Walmart and Target rose 2.9 percent and 4.9 percent, respectively. The SPDR S&P Retail exchange-traded fund (XRT) also gained 2.2 percent, its biggest one-day gain since April 4.
Monday's gains come after the major indexes rallied on Friday on better-than-expected economic news. The Dow gained 219 points after the Labor Department said Friday that the U.S. economy added 223,000 jobs last month, a figure that topped expectations.