The S&P 500 hit a record high shortly after the open, with financials and energy rising more than 1 percent to lead advancers.

The Dow Jones industrial average rose 150 points, with Caterpillar contributing the most gains. The Nasdaq composite lagged, trading just below breakeven as tech stocks slipped.

Caterpillar posted bottom line results that topped estimates, sending its shares higher.

“This is what the market needs to hear from industrial names coming in strong,” said Quincy Krosby, chief market strategist at Prudential Financial. “This is the earnings week.”

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