Dow closes above 38,000 for 1st time, setting record high

The Dow Jones Industrial Average closed above 38,000 for the first time on Monday, setting a record high and capping a steady rise that stretches back to last week.

The S&P 500 also reached a record high, closing at about 4,850. The tech-heavy Nasdaq inched up to 15,360 by the end of trading on Monday.

The major stock indexes kicked off the year with sluggish performance but began to turn upward in the middle of last week.