Wall Street Drifts Higher, Setting New Records

U.S. stock indices reached new heights on Monday after a quiet day of trading. The S&P 500 rose 16.02 points, or 0.3%, to close at 5,718.57, edging past its previous record set on Thursday.

The Dow Jones Industrial Average added 61.29 points, or 0.1%, to reach another all-time high, closing at 42,124.65, and the Nasdaq composite gained 25.95 points, or 0.1%, to end at 17,974.27.

The Dow Jones Industrial Average added 61.29 points, or 0.1%, to reach another all-time high, closing at 42,124.65. Meanwhile, the Nasdaq composite gained 25.95 points, or 0.1%, to end at 17,974.27, Stan Choe reported for the Associated Press (AP).

Tesla led the gains with a 4.9% increase, recovering all its sharp losses from earlier in the year. At one point in April, the stock had fallen as much as 42% as the company cut prices on its vehicles to boost sluggish sales.

Tesla's recovery helped offset a 10.3% plunge for Trump Media & Technology Group, which dropped to its lowest price since its Nasdaq listing in March.

In overseas markets, European indices rose modestly following preliminary data suggesting weaker-than-expected business activity in the eurozone. Germany's DAX rose 0.7%, while the French CAC 40 gained 0.1%.

In Asia, index movements were more subdued. Shanghai's index rose 0.4%, while Hong Kong's slipped 0.1%.

The decline in Hong Kong came after China's central bank lowered its 14-day reverse repurchase rate on Monday. This followed last week's decision to keep key lending rates unchanged, despite expectations of a rate cut, Zimo Zhong also reported for AP.