The S&P 500 and the Nasdaq notched record closing highs on Monday, powered by demand for technology stocks after a global cyber attack and by rising oil prices.
Oil rose to the highest level in more than three weeks after top exporters Saudi Arabia and Russia said supply cuts needed to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than originally agreed.
The rising oil prices and housing data drove optimism about the economy and helped make financial stocks the second largest driver for the S&P 500, behind the technology sector.
Approximately 75 percent of S&P 500 companies that have reported quarterly results so far have exceeded Street expectations, according to Thomson Reuters data.
While data for New York state’s manufacturing sector was weaker than expected, homebuilder sentiment gave investors some confidence in the economy.
Johnson & Johnson and Cisco were the largest drivers for the S&P 500 after prominent analysts upgraded their ratings on the stocks.
Shares of cyber security firms jumped on expectations that they would benefit from greater spending after the global “ransomware” attack that began spreading across the globe on Friday.
Shares of Fireye rose 7.5 percent, while Symantec and Palo Alto Networks both gained around 3 percent. The 2.3 percent rise in Cisco was partly driven by its security technology business.
Nine of the 11 major S&P 500 sectors closed higher, with the materials index leading the percentage gainers.
Approximately 6.3 billion shares changed hands on the major equity exchanges on Monday, as compared to the 6.8 billion share average over the past 20 trading days.