The S&P 500 and the Nasdaq Composite added to their record-setting pace of gains on Monday, driven by a rally in information technology stocks, but the Dow Jones Industrial Average lagged behind its equity benchmark peers. The S&P 500
SPX,
closed up 0.4% at around 4,529, establishing an intraday record high at 4,537.36, while the Nasdaq Composite Index
COMP,
ended 0.9% higher at roughly 15,266, following its own intraday record on Monday at 15,288.08. The Dow closed down 56 points, or 0.2%, at about 35, 400, weighed by a decline in financials Goldman Sachs Group Inc.
GS,
American Express Co.
AXP,
as well as Boeing Co.
BA,
Shares of technology firms provided a lift for the broader market and the tech-heavy Nasdaq, with gains in tech also aided by a decline in benchmarks bond yields. The 10-year Treasury note yields
TMUBMUSD10Y,
around 1.284%, compared with 1.311% on Friday at 3 p.m. ET, Dow Jones Market Data show. Lower borrowing costs can give a boost to yield-sensitive areas of the market like tech but can weigh on financials because bank business models are underpinned by higher rates on the longer end of the so-called yield curve.
