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Illustration: Sarah Grillo/Axios

Tech stocks led the way as U.S. equity indexes finished higher on Monday — the Dow and S&P closed at record highs and the Nasdaq rose 1%, having now reversed half of its correction from mid-February.

Why it matters: Bullish momentum again powered the market higher, as traders continue to put rising COVID-19 cases in Europe, spiking U.S. Treasury yields and a moribund labor market out of mind.

What's happening: The first direct stimulus payments began to hit Americans' bank accounts over the weekend and expectations for U.S. economic growth continue to power sky-high expectations.

Between the lines: The decline in tech shares that sent the Nasdaq down 10% from its previous record high is quickly being reversed, even as U.S. interest rates remain at elevated levels around 1.6%, the highest they have been in a year.

  • Since March 8, the Nasdaq has risen 6.8% compared to a 3.8% rise in the S&P and a 3.6% gain for the Dow, suggesting the selloff in tech shares that took place from mid-February to early March could be a short-lived blip rather than a market-changing event.

The big picture: Tech is climbing back even as expectations for U.S. economic expansion increase, suggesting the "buy anything" rally could be making a return — though bearish investors caution that this exuberance could be a contrarian indicator.

  • The main holdouts from the recent boomlet have been oil and energy stocks, which fell on Monday.
  • Energy has been far and away the best performing sector of the market this year.

What's next: After last week's meeting of the European Central Bank, this week is chock full of central bank meetings with press conferences by influential heads every day, beginning tomorrow with the Fed.

  • The Bank of England meets on Thursday, and the Bank of Japan wraps its meeting Friday.

Go deeper

Scoop: U.S. and Israel to form team to solve consulate dispute

Secretary of State Antony Blinken (left) and Israeli Foreign Minister Yair Lapid (right) meet in Washington. Photo: Andrew Harnik/Pool/AFP via Getty Images

The U.S. and Israel are planning to form a joint team to hold discreet negotiations on the reopening of the U.S. Consulate in Jerusalem, Israeli officials say.

Why it matters: The consulate handled relations with the Palestinians for 25 years before being shut down by then President Donald Trump in 2019. Senior officials in Israeli Prime Minister Naftali Bennett's government see the consulate issue as a political hot potato that could destabilize their unwieldy coalition.

Nikolas Cruz pleads guilty to Parkland school shooting

Parkland school shooter Nikolas Cruz at the defense table during jury selection at the Broward County Courthouse in Fort Lauderdale, Fla., on Oct. 6, 2021. Photo: Amy Beth Bennett/South Florida Sun Sentinel/Tribune News Service via Getty Images

Nikolas Cruz on Wednesday pleaded guilty on all counts for carrying out the 2018 shooting at the Marjory Stoneman Douglas High School in Parkland, Fla., that left 17 people dead, including 14 students and three staff members.

Driving the news: Cruz, 23, pleaded guilty at a hearing on Wednesday to 17 murder counts and 17 counts of attempted first-degree murder for carrying out the deadly shooting.

4 hours ago - Health

White House unveils plan to "quickly" vaccinate kids ages 5-11

Charles Muro, 13, is inoculated at Hartford Healthcare's mass vaccination center at the Connecticut Convention Center in Hartford, Conn. Photo: Joseph Prezioso/AFP via Getty Images

The White House on Wednesday released its plan to vaccinate children between the ages of five and 11, pending authorization from the Food and Drug Administration of the first COVID-19 shot for that age group.

The big picture: The White House said it has secured enough vaccine supply to equip more than 25,000 pediatric and primary care offices, hundreds of school and community health clinics, as well as tens of thousands of pharmacies, to administer the shots.

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