S&P 500 grew 0.43% today after reaching its all-time high on Friday, while Nasdaq rose 0.90%. The rise in US stock indexes today was driven by technology stocks, with Alphabet (NASDAQ:GOOG), Lululemon Athletica (NASDAQ:LULU), Atlassian (NASDAQ:TEAM) hitting their all-time highs.

Investors became optimistic following comments from Federal Reserve Chairman Jerome Powell on Friday, according to whom 2021 inflation growth would prove temporary, eliminating the concerns that rapidly rising prices could become a permanent feature of the economy, making Fed accelerate interest rates hikes and cut short the recovery. Powell mentioned the inflation which hit its highest readings in decades is a cause of concern, but he believes these trends are short-term.