U.S. stocks closed

The Dow Jones Industrial Average joined the S&P 500 Index at a fresh record close, with U.S. equities climbing a third day as crude rallied and Alcoa Inc.'s results bolstered optimism on corporate health amid the start of the earnings season.

Alcoa jumped to a two-month high after the aluminum producer posted a profit that beat analysts' estimates, kicking off the quarterly reporting period. BlackRock Inc., JPMorgan Chase & Co. and Citigroup Inc. are among firms releasing results this week.

Commodity producers and and transportation stocks posted some of the biggest gains today, with American Airlines Inc. rallying 11 percent for its best day since at least December 2013. Oil and gas companies climbed to the highest since November as crude had its biggest gain in three months. Miner Freeport-McMoRan Inc. increased 11 percent.

The S&P 500 added 0.7 percent to 2,152.06 at 4 p.m. in New York, extending its all-time high after surpassing yesterday the previous record reached in May 2015 on bets of a brighter economic outlook after Friday's jobs report.

Stocks have climbed since Friday, erasing the losses triggered by the U.K.'s vote to leave the European Union, as a stronger-than-forecast payrolls report helped allay investor concerns. At the same time, traders are pricing in little chance of an interest-rate hike from the Federal Reserve anytime soon, with September 2017 being the first month that has even odds of a raise, implying a so-called "Goldilocks" scenario for equities in which the economy expands but at a lukewarm pace to hold off further monetary tightening.

Meanwhile, investors have also sought the safety of Treasuries in the aftermath of the Brexit vote, sending bond yields to record lows last week. Fresh peaks for stocks coupled with all-time lows for bonds is unusual given that they are generally seen as risk-on/risk-off complements. Demand for U.S. bonds has also ramped up amid sub-zero yields in Europe and Japan.