U.S. stock indexes reached new heights Monday after drifting higher in a quiet day of trading.

The S&P 500 rose 16.02 points, or 0.3%, to 5,718.57 and edged past its record set on Thursday. The Dow Jones industrial average added 61.29 points, or 0.1%, to its own all-time high set on Friday and closed at 42,124.65. The Nasdaq composite gained 25.95, or 0.1%, to 17,974.27.

Tesla led the way with a gain of 4.9% and clawed back all its sharp losses from earlier in the year. It was down as much as 42% at one point in April, when it was cutting prices on its cars to boost flaccid sales.

That helped offset a 10.3% tumble for Trump Media & Technology Group, which fell to its lowest price since taking its place on the Nasdaq stock market in March. The company behind former President Donald Trump’s Truth Social network has dropped six straight days amid speculation about when Trump and other company insiders may sell their shares.

Financial markets have broadly been romping higher after the Federal Reserve last week cut its main interest rate for the first time in more than four years by an unusually large amount.

A report on Monday morning suggested U.S. business activity is not growing as quickly as economists expected, mostly because of a continued downturn in manufacturing.

Several economic reports coming later in the week could offer more context about where the U.S. economy stands. One on Thursday will offer the final revision for the U.S. economy’s growth in the spring, and another on Friday will give a look at how much U.S. consumers are spending.

In the bond market, the yield on the 10-year Treasury held steady at 3.74%, where it was late Friday. The yield on the two-year Treasury, which moves more with expectations for Fed action, edged down to 3.58% from 3.60% late Friday.

— Associated Press