⁍ The Dow jumped 1%, the S&P 500 inched up and the Nasdaq closed lower on Monday.

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⁍ Investors extended a rotation into value stocks from heavyweight tech-related names.

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⁍ The Nasdaq, which has been hitting record highs, was dragged lower by Microsoft Corp.

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– The Dow Jones Industrial Average closed above 27,000 for the first time on Monday. The S&P 500 and Nasdaq also closed at record highs, but investors were keeping an eye on progress on a fiscal support bill in Congress, Reuters reports. The Nasdaq, which has been hitting record highs, was dragged lower by Microsoft Corp, Amazon.com, and Facebook. The Dow jumped 1%, the S&P 500 inched up, and the Nasdaq closed lower on Monday as investors extended a rotation into value stocks from heavyweight tech-related names while awaiting news on progress in a US fiscal support bill. “Part of the reason the S&P 500 has been held back is we’re starting to see yet another rotation to value and away from growth,” says Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. “That tends to hold back the S&P because it’s so dominated by big tech. ” Similar rotations in recent years have not lasted long, he says, and, at this point, ‘I’m looking at this more as a correction of growth than it is people abandoning stocks.’ Bets on a potential coronavirus vaccine, historic fiscal and monetary support, and more recently, a better-than-expected second-quarter earnings season have brought the S&P 500 close to its February record closing high.