Stock market today: Dow closes above 38,000 for first time as record run continues

investing.com:

Investing.com — The S&P 500 and Dow closed at record highs Monday, with the latter ending above 38,000 for the first time as the tech melt-up continued ahead of busy week of corporate earnings and key economic data.

By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average, up 138 points, or 0.36% closed at record of 38,001.81, while the S&P 500 was up 0.2% to 4,850.43, clinching a second-straight record close. The NASDAQ Composite was up 0.4%.

Big tech, which have driven the rally in stocks, was mostly higher as investors awaited results from some big names including Netflix (NASDAQ:NFLX), which reports on Tuesday, followed by Tesla (NASDAQ:TSLA) on Wednesday, as well as 3M (NYSE:MMM) and Intel (NASDAQ:INTC).

Chip stocks continued to add to the melt-up, led by Western Digital Corporation (NASDAQ:WDC) after Morgan Stanley dubbed the stock a top pick as the separation of the memory chip maker's businesses into two divisions is expected to «unlock material valiue.»

Macy’s Inc (NYSE:M) closed 3% higher after the department store chain rejected a $5.8B from Arkhouse Management and Brigade Capital Management to take company private.

The rejection comes a month after the offer was submitted, though the department store chain will likely remain a target for potential suitors after suggesting it was «open to opportunities»

Boeing Co (NYSE:BA) ended just below the flatline as the aircraft maker's suffered another blow to its reputation after the U.S. Federal Aviation Authority U.S. aviation authority recommended that airlines carry out inspections of door plugs on Boeing 737-900ER aircraft.

The 737-900ER aircraft was the second model to be inspected following the Alaska Airlines MAX 9 jet that was forced into an emergency