S&P and Nasdaq Hit Highs, Again

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U.S. stocks closed slightly higher on Monday, with AI optimism fueling upward momentum even as the earnings-driven fervor of the ​recent rally eased in the home stretch of reporting season and as crude prices rose, stoking inflation worries as U.S.-Iran peace negotiations stalled.

All three major U.S. stock indexes ‌advanced and the S&P 500 and the Nasdaq eked out their latest in a series of all-time closing highs.

Semiconductors handily outshone other sectors, with the PHLX Semiconductor index (.SOX), opens new tab jumping 2.6%, suggesting the AI wave is showing few signs of abating.

"The semis and AI infrastructure trade has taken on a life entirely of its own," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. "And there's so much momentum and chasing to get in on ​some of these names that it seems almost somewhat divorced from any sort of like headline or announcement."

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