The MSCI world equity index, which tracks shares in 49 nations, added 0.29%

MSCI’s global equities index gained on Monday as Wall Street fed on momentum that took it to a new record high last week, while the U.S. dollar index rose slightly.

U.S. Treasury yields dropped as investors took advantage of a recent drop in bond prices to enter the market ahead of economic indicators due out later this week that may give new information on the trajectory of interest rates.

The benchmark S&P 500 reached a new record-high after ending at a record on Friday for the first time in two years, confirming it was in a bull market.

If anything, what we are seeing is a carry-over of the strength from the last couple of trading sessions. That is probably starting to get money in off the sidelines, said Matt Stucky, chief portfolio manager for equities at Northwestern Mutual Wealth Management Company.

There could just be some fear of missing out driving this, with a lot of liquidity still to enter into equity markets. Narratives tend to follow prices in the mind of retail investors. The S&P 500 at an all-time high gives them another data point to say things are getting better faster than what we were thinking, Stucky said.

The Dow Jones Industrial Average gained 138.01 points, or 0.36%, to 38,001.81, the S&P 500 added 10.62 points, or 0.22%, to 4,850.43 and the Nasdaq composite advanced 49.32 points, or 0.32%, to 15,360.29.

The MSCI world equity index, which tracks shares in 49 nations, added 0.29%. Europe’s STOXX 600 index gained 0.77%.

In Treasuries, the yield on benchmark 10-year Treasury notes reached 4.1091% compared with its U.S. close of 4.146% on Friday. The two-year yield, which increases with traders’ expectations of higher Fed fund rates, reached 4.3932% compared with a U.S. close of 4.408%.

In currencies, the U.S. dollar was little changed to modestly higher against rivals on Monday ahead of central bank policy decisions in Japan and the euro zone that may determine the currency’s direction this year.

Dollar is in a bit of a holding pattern until central banks kick off tomorrow, said Helen Given, FX trader at Monex USA.

The dollar index was 0.08% higher at 103.35. The greenback declined 0.04% against the yen to 148.08. The euro was 0.1% lower on the day at $1.0882, having shed 1.4% in a month.

The BoJ is expected to keep policy super-easy at a meeting on Tuesday while the ECB meets on Thursday and is expected to hold monetary policy steady.