Wall Street closed its latest winning month and quarter with more records on Monday. The drift higher for U.S. stocks followed a wild start to the week for financial markets in Asia, where Japanese stocks tumbled and Chinese indexes soared.

The S&P 500 climbed 0.4% to an all-time high and clinched its fifth straight winning month and fourth straight winning quarter. The Dow Jones industrial average added 17 points, or less than 0.1%, to its record set on Friday. The Nasdaq composite rose 0.4%.

Wall Street has catapulted to records on hopes the slowing U.S. economy can keep growing while the Federal Reserve cuts interest rates to offer it more juice. A big test will arrive Friday, when the U.S. government offers its latest monthly update on the job market.

Japan’s Nikkei 225 slumped 4.8% on worries the country’s incoming prime minister will support higher interest rates and other policies that investors see as less market-friendly. Shigeru Ishiba is set to take over on Tuesday.

Toyota Motor’s stock fell 7.6% in Tokyo, while Honda Motor’s dropped 7%. Monday.

Stellantis, the company that owns the Jeep brand and others, tumbled 14.7% in Milan after cutting its forecast for upcoming profit.

That in turn helped drag down automakers Ford Motor and General Motors on Wall Street. Ford fell 2%, and GM dropped 3.5%.

A 2.3% rise for Apple helped offset such losses and was the strongest force lifting the S&P 500 to its latest record..

All told, the S&P 500 rose 24.31 points to 5,762.48. The Dow added 17.15 to 42,330.15, and the Nasdaq gained 69.58 to 18,189.17.

In China, meanwhile, indexes soared 8.1% in Shanghai and 2.4% in Hong Kong following the latest announcements of stimulus for the world’s second-largest economy. It was the best day for Shanghai stocks in nearly 16 years.

In the bond market, U.S. Treasury yields rose after investors took comments from Fed Chair Jerome Powell as a hint that coming cuts to interest rates may be more traditional sized.

The yield on the 10-year Treasury rose to 3.78% from 3.75% late Friday. The two-year yield, which more closely tracks expectations for what the Fed will do with short-term rates, climbed to 3.63% from 3.56%.

— Associated Press