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The S&P 500 rose 0.5% to close at its highest level ever on Monday, hitting a new record for the first time since July.

By the numbers: The Dow Jones Industrial Average gained 131 points. The Nasdaq Composite closed up 1%. 

Why it matters: The S&P milestone is one indication of rebounding confidence in the U.S. economy, which is a reversal from recession fears that hurt the stock market in recent months.

Go deeper: It could be a wild week for the stock market and economic reports

S&P 500 closes at record high for first time in months

It's the first time the index has hit a new record since July.

Business

Stock market

Federal Reserve

<p>The S&amp;P 500 rose 0.5% to close at its highest level ever on Monday, hitting a new record for the first time since July.</p><div><figure><div id="av-hermes/2019-10-28-2000-s-and-p-EFKX4" style="max-width:100%" data-vars-category="embed" data-vars-sub-category="axios-visual" data-vars-asset-id="av-hermes/2019-10-28-2000-s-and-p-EFKX4" class="gtmView"><img alt="Data: Money.net; Chart: Axios Visuals" class="axios-visual-newsletter-fallback-image" src="https://graphics.axios.com/hermes/2019-10-28-2000-s-and-p/fallbacks/2019-10-28-2000-s-and-p-fallback.png" width="1154" height="778"/><img alt="Data: Money.net; Chart: Axios Visuals" class="axios-visual-apple-fallback-image" src="https://graphics.axios.com/hermes/2019-10-28-2000-s-and-p/fallbacks/2019-10-28-2000-s-and-p-apple.png" width="1131" height="1119"/></div><figcaption>Data: Money.net; Chart: Axios Visuals</figcaption></figure></div>

Top stories & latest news on the Federal Reserve, real-time data, plus the biggest shifts happening in the U.S. and global economy.

Economy

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.