U.S. stocks were higher on Monday in light trading, with the three major indexes hovering near record levels, driven by a rise in technology shares.
The S&P technology index .SPLRCT rose 0.94 percent, leading the 11 major sectors.
Microsoft (MSFT.O), Amazon (AMZN.O) and Apple (AAPL.O) were up between 1-1.8 percent, providing the biggest boost to the Nasdaq and the S&P 500, reports Reuters.
U.S. stocks have been on a tear since the Nov. 8 presidential election, with the S&P rising 5.7 percent on bets that President-elect Donald Trump’s expected deregulation and infrastructure spending will boost the economy.
The Dow posted its sixth straight week of gains on Friday, its longest streak in a year. The blue-chip index remains less than 1 percent away from 20,000, a level it has never breached.
However, there are some concerns that the rally may run out of steam as policy will take time to be implemented and will likely change as it makes its way through Congress.
“The market is fairly valued right now, but, more importantly, we need to see that earnings acceleration next year. If we do not see that in 2017, then you could see a pullback,” Jones said.
At 11:00 a.m. ET the Dow Jones Industrial average .DJI was up 65.41 points, or 0.33 percent, at 19,908.82.
The S&P 500 .SPX was up 7.69 points, or 0.34 percent, at 2,265.76.
The Nasdaq Composite .IXIC was up 36.61 points, or 0.67 percent, at 5,473.77.
U.S. Federal Reserve Chair Janet Yellen will be speaking on “the State of the Job Market” at 1:30 p.m. ET (1830 GMT) at the University of Baltimore. Yellen’s speech comes less than a week after the central bank raised interest rates only for the second time since the financial crisis.
