Stocks rally from tech giant to Goldman Sachs, pushing Dow Jones industrial average above 38,000 for first time。

By the close of U.S. stocks on Jan. 22, the Dow Jones Industrial Average was up 0.36% to 38001.81 points, a new record。S & P 500 up 0.22%, also a new high, with the technology-dominated Nasdaq Composite Index up 0.32%。

Smaller stocks in the Russell 2000 index outperformed their peers on Monday, jumping about 2 percent。

In early January, U.S. stocks were not performing well, but recently ushered in a sharp rally, sending the S & P 500 to its first all-time high in about two years。Investors encouraged by the start of earnings season and signs the economy remains strong。Investor excitement about artificial intelligence, which gave the stock market a big boost last year, has continued to drive gains in related technology stocks this year.。

Microsoft and other tech giants have been pushing the Dow in recent weeks, sending the index above 38,000 in Monday's trading.。Goldman's stock jumped 1% on Monday and has been a significant contributor to the index since it last reached the milestone.。

This week, investors will continue to interpret a series of economic data and earnings reports, including the first reading of fourth-quarter gross domestic product and data on inflation and spending.。Companies including Tesla, Netflix and Procter & Gamble will report this week。

In recent months, the market has been filled with hopes of a "just-in-time" economy that is neither too hot nor too cold.。Now, investors will be looking for signs of the economy's strength through the data, which will have a profound impact on how much rate cuts Wall Street can get.。

Some strategists say they are more cautious about stocks after their big rally。

Among them, Calvin Tse, head of macro strategy for the Americas at BNP Paribas, said: "Despite all the enthusiasm we see in the stock market now, we tend to go in the opposite direction.。"

Tse says he is more cautious about the economy than many other investors now seem。

iShares U.S.Home Construction ETF Jumps About 1.8%, a new record。Buy-before-pay firm Affirm shares jump 5.2%。

The sell-off in U.S. stocks was exacerbated by declines in Hong Kong and mainland China markets。Among them, Alibaba, Baidu, Jingdong and Pinduoduo all received varying degrees of decline.。

On the other hand, the Nasdaq Golden Dragon China Index came under pressure on Monday.。The index has fallen more than 16 percent this year amid growing investor concerns about China's economic environment。