US stocks hit an all-time high on Monday with further gains

US stocks are rising on Monday, reaching their all-time highs.

The S&P 500 rose 0.8% in afternoon trading, matching its record set on Friday. The Dow Jones Industrial Average recovered from an early loss to rise 225 points, adding 0.5% to its own record as of 2:35 p.m. ET, while the Nasdaq Composite gained 1%.

The US bond market remained closed that day because of the Monday holiday.

Stocks have largely recovered on this relief and reached record highs Interest rates are finally falling againnow that the Federal Reserve has broadened its focus to keep the economy going rather than just fighting high inflation. Recent reports showing that the U.S. economy remains stronger than expected have also raised optimism that the Fed can pull off a perfect landing and bring inflation down to 2% without triggering a recession that many thought was necessary had.

SoFi Technologies rose 11.1% after announcing a $2 billion lending platform agreement with investment firm Fortress Investment Group in which SoFi will place prequalified borrowers.

Longboard Pharmaceuticals rose 51.2% after H. Lundbeck, a Danish company, said it would buy the biopharmaceutical company in an all-cash deal valued at $2.6 billion.

On the losing side on Wall Street was Boeing, which lost 1% in its first trading since the aerospace giant warned it would burn $1.3 billion in cash last quarter, earning $9.97 per share will lose. Boeing also said this was the case Laying off 10% of its workforce as it tries to deal with a strike that is crippling production of the company’s best-selling planes.

Bank of America, Johnson and Johnson and UnitedHealth Group will all release their latest results on Tuesday. Joining them later in the week are United Airlines, Netflix, American Express and Procter & Gamble.

Solid, sustained corporate earnings growth would help dampen criticism building over how expensive the broader stock market looks after share prices rose faster than earnings.

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AP business reporter Elaine Kurtenbach contributed.