Tech lifts S&P, Nasdaq to records

Investors expressed optimism ahead of the start of earnings season and the imminent signing of a preliminary U.S.-China trade deal expected Wednesday. Also lifting sentiment: Bloomberg reports the United States plans to lift its designation of China as a currency manipulator.

Investors snapped up a broad array of stocks Monday, pushing the S&P 500 and Nasdaq to record highs. The Nasdaq gained 1%.

Washington Crossing senior portfolio manager, Chad Morganlander:

SOUNDBITE: WASHINGTON CROSSING SENIOR PORTFOLIO MANAGER, CHAD MORGANLANDER (ENGLISH) SAYING:

"Investors are excited about a trade deal that is going through. I think also, they're also excited about monetary policy overall."

Tech stocks Apple, Facebook, Netflix and Microsoft provided the biggest lift to the S&P and Nasdaq. Netflix landed 24 Oscar nominations for films including "The Irishman." That's more than any other movie distributor.

Shares of Google's parent, Alphabet, rose, driving its market valuation closer to the $1 trillion milestone.

And Tesla shares topped $500 for the first time. China's state media reports the country won't make big cuts to subsidies for new energy vehicles this year. Tesla just started deliveries of its electric sedans from its Shanghai plant.