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The S&P 500 pushed further into record territory Monday after ending last week at an all-time high.
The broad U.S. stock index rose 0.5%, while the Dow Jones Industrial Average added less than 0.1%, or about 20 points. The tech-heavy Nasdaq Composite advanced 0.9%.
Investor optimism was bolstered Friday by comments from Federal Reserve Chairman Jerome Powell, in which he explained why he is still confident that this year’s inflation surge would prove temporary. Disrupted supply chains, temporary shortages and a rebound in travel have pushed inflation to its highest readings in decades.
Mr. Powell reaffirmed the central bank’s plan to begin reversing its easy-money policies later this year. Fed officials have emphasized that a decision to start reducing bond purchases will not impact any later move to raise interest rates from near zero.
Technology stocks, which tend to benefit from low interest rates, lifted major indexes higher on Monday, with Apple shares rising 2.6% and Microsoft shares adding 1.2%.