U.S. equities and stock exchange traded funds continued to hit new records as market optimism and strong retail earnings help support the momentum.
The S&P 500 Index, along with related funds including the SPDR S&P 500 ETF (NYSEArca: SPY), iShares Core S&P 500 ETF (NYSEArca: IVV) and Vanguard 500 Index (NYSEArca: VOO), were 0.4% higher Monday.
U.S. stocks have been pushing toward new records since last week after President Donald Trump promised tax reforms to help support the economy.
“There is no doubt in anyone’s mind that the market has become over extended and is due for a pullback,” Quincy Krosby, market strategist at Prudential Financial, told Reuters. “That said, when you have this kind of momentum, it is very hard to sit on the sidelines.”