US stocks advanced against the backdrop of a valuation milestone for Tesla and the US oil price hitting its highest since 2014.
The blue-chip S&P 500 index rose 0.5 per cent, closing at a record high for the second time in the past three sessions. The advance was led by consumer-focused stocks and companies that stand to benefit from elevated commodity prices.
The tech-heavy Nasdaq Composite climbed 0.9 per cent, though it remained about 1 per cent below the record close it hit in September.
Electric carmaker Tesla was among the biggest risers, climbing 13 per cent and becoming the first carmaker to hit a $1tn market capitalisation after rental company Hertz said it had ordered 100,000 of its vehicles.
Moves in the largest tech companies such as Amazon and Apple were more muted as investors await a flurry of third-quarter earnings announcements.
US oil prices rose above $85 a barrel on Monday for the first time in seven years, as traders bet that crude supplies would not keep pace with fast-rising global demand and analysts said a wider energy crunch was spreading to petroleum markets.
West Texas Intermediate, the US benchmark, rose 2 per cent to a high of $85.41 a barrel on Monday morning before falling back to settle flat for the day at $83.76.
Brent, the global crude benchmark, also rose sharply before falling back to $85.99, a 0.5 per cent rise for the day.
Read more on the day’s market moves here.