Stock market today: Dow, S&P 500 clinch fresh highs as Nvidia surges to record

US stocks rose on Monday with two major indexes clinching record closes as Nvidia (NVDA) led a risk-on rally in the market that permeated through most sectors and even into cryptocurrencies.

The S&P 500 (^GSPC) moved up nearly 0.8% to close at a fresh record after ending above 5,800 for the first time on Friday. The tech-heavy Nasdaq Composite (^IXIC) jumped nearly 0.9%. The Dow Jones Industrial Average (^DJI) rose more than 200 points, or almost 0.5%, to close above the 43,000 level for the first time.

Tech stocks led the day's gains, with chip giant Nvidia rising nearly 3% to close at a new high above $138 per share. Other semiconductor stocks also surged including chip equipment maker ASML (ASML), Arm Holdings (ARM), and Applied Materials (AMAT).

And the rally broadened even to cryptocurrency, as Bitcoin (BTC-USD) was up more than 5% in the past 24 hours to touch above $65,700 per coin. Meanwhile, Ethereum (ETH-USD) has also rallied, adding nearly 8% on the day.

Earnings are taking center stage as the first full week of third quarter results gets underway. How the season plays out is seen as key to the rally in stocks as the bull market turns 2 years old.