Wall Street's main indexes notched record closing highs on Monday as Tesla shares surged and the energy sector gained while investors looked ahead to a major Federal Reserve meeting later in the week.
eclipsed 36,000 points for the first time ever during intraday trading, ending just shy of that level.
Accommodative monetary policy has been one of the key supports for the stock market, with the benchmark S&P 500 rising 22.8% so far this year. The Federal Reserve on Wednesday is expected to approve plans to scale back its $120 billion monthly bond-buying program put in place to help the economy during the coronavirus pandemic, while investors will also be focused on commentary about interest rates and how sustained the recent surge in inflation is.
"This is going to be a relatively big deal," said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. "We are expecting to hear the glide path for tapering the bond purchases."
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