The broad-based S&P 500 stock index soared 11.37 points to a record high 1,593.61 on Monday led by a rally in technology and energy shares that lifted all 10 sectors.

The day's 0.7 percent gain for the index set a record that is slightly above the previous high of 1,593.61, which was reached April 11.

Technology stocks gained an average of 1.6 percent in value, while materials companies grew 1.5 percent and oil and gas stocks jumped 1 percent.

"After the election there was a lot of uncertainty about whether Italy could form a government, so now there is not only a great deal of relief over that, but also expectations for additional monetary policies from the ECB," Alec Young, global equity strategist at S&P Equity Research in New York, told Reuters.