Wall Street kicked off the new week in record-setting mode, with the blue-chip Dow Jones industrial average topping 16,000 and the Standard & Poor's 500 topping 1,800 for the first time in history, USA Today reported.
Additionally, the Nasdaq composite began the session within 15 points of 4000, a level it hasn't seen since the tech stock bubble burst in 2000.
The question is whether the three market milestones will act as "speed bumps" or whether the new levels will become a fresh level of support, or floor, for the market, said Todd Salamone of Schaeffer's Investment Research.
Virtually all stocks are participating in the rally. The benchmark S&P 500 stock index currently has more than 80 percent of its stocks trading above its average price over the past 50 days, a statistic that confirms the market uptrend is broad based, according to Bespoke Investment Group.
However, big round numbers like Dow 16,000 are often viewed by investors as a time to reassess the market's condition. And it is not unusual for stocks to suffer from profit-taking at these key levels, say experts. After the early push above Dow 16,000 and S&P 1800, both indexes settled a few points below those milestones around 9:15 a.m. Central Time.
Heading into the week, the S&P 500, which has passed $16 trillion in market value for the first time, was up 26.1 percent for the year, putting it on track for its best year since 2003.
Among the stocks helping to push the indexes higher were Boeing Co., which rose 2.8 percent after securing record plane orders on the first day of the Dubai Air Show,Bloomberg reported. Tyson Foods Inc., the largest U.S. meat processor, advanced 3.8 percent after reporting revenue above analysts' estimates on a gain in prices and sales volumes for beef and chicken.