Paced by tech shares, the stock market kicked off the historically difficult month of September with a surge that pushed both the S&P 500 and Nasdaq to record highs at close.
The Dow jumped over 200 points and the Nasdaq rose 1.4% to eclipse their previous best all-time highs. Both are coming off the best August performance for Wall Street since the booming bull market of the 1980s.
"That's just the playbook investors are reading right now. They're playing the momentum game, but at some point, I think that shifts," said Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management. "As the economic recovery continues, I think you will see a broadening of the stocks participating in this rally."