The Great Rotation into cyclical stocks drove the Dow to near record levels Monday. But that rotation pulled money out of tech stocks, dragging down the Nasdaq and S&P.

Investors bet on stocks that stand to benefit the most from an economic rebound such as blue chips Disney and Goldman Sachs. This comes as the $1.9 trillion COVID-19 relief bill awaits a final congressional vote after the Senate passed it over the weekend.

But the prospects of more government spending and faster economic growth are also stoking fears of a spike in inflation. That drove the benchmark 10-year Treasury yield to near one-year highs Monday. Tech stocks are particularly sensitive to rising yields, which sent big names like Apple and Alphabet lower.

The Nasdaq closed down nearly 2-and-a-half percent and the S&P by half percent. But the Dow gained 1%.

Phoenix Financial Services Chief Market Analyst Wayne Kaufman: “I think that it's good that that money is not leaving the market. This is very obviously been sector rotation - money not leaving the market.”

Shares of Walt Disney jumped 6%. Disneyland and other theme parks, stadiums, and outdoor entertainment venues could reopen as early as April under new rules set by California health officials.

GE shares rose 4%. Its aircraft leasing unit is in talks with Irish rival AerCap over a possible deal that would create an industry titan.