The Nasdaq closed at a record high on Monday after investors moved into mega-cap growth stocks even as a new round of COVID-19 restrictions underscored the continuing economic impact of the pandemic on the United States.
The tech-heavy Nasdaq advanced to close at a record, as several of its largest constituents, including Apple and Facebook Inc, rose. Still, a decline in names such as Alphabet and Microsoft kept major averages in check.
Large cap growth stocks, which had underperformed value stocks in recent weeks as investors looked to names likely to benefit from a reopened economy, edged up 0.36% while value lost 0.56%.