NEW YORK (AP) — U.S. stock indexes reached new heights Monday after drifting higher in a quiet day of trading.

The S&P 500 rose 16.02 points, or 0.3%, to 5,718.57 and edged past its record set on Thursday. The Dow Jones Industrial Average added 61.29 points, or 0.1%, to its own all-time high set on Friday and closed at 42,124.65. The Nasdaq composite gained 25.95, or 0.1%, to 17,974.27.

Tesla led the way with a gain of 4.9% and clawed back all its sharp losses from earlier in the year. It was down as much as 42% at one point in April, when it was cutting prices on its cars to boost flaccid sales.

That helped offset a 10.3% tumble for Trump Media & Technology Group, which fell to its lowest price since taking its place on the Nasdaq stock market in March. The company behind former President Donald Trump’s Truth Social network has dropped six straight days amid speculation about when Trump and other company insiders may sell their shares now that they’re no longer bound by a “lock-up” agreement. Trump has said he doesn’t plan to sell.

Financial markets have broadly been romping higher after the Federal Reserve last week cut its main interest rate for the first time in more than four years by an unusually large amount. The hope is that as it continues to cut interest rates, the boost given to the U.S. economy through lower rates for car loans, mortgages and other borrowing will help it avoid a recession.

But some critics say the Federal Reserve may be moving too late, with the job market already slowing, and call stock prices too high.

A report on Monday morning suggested U.S. business activity is not growing as quickly as economists expected, mostly because of a continued downturn in manufacturing. The preliminary report from S&P Global said U.S. manufacturing shrank more severely in September than in August and hit a 15-month low. It’s been one of the parts of the economy hurt most by high interest rates.

The overall figures suggest a U.S. economy that’s still growing at a healthy rate, according to Chris Williamson, chief business economist at S&P Global Market Intelligence. “But there are some warning lights flashing, notably in terms of the dependence on the service sector for growth, as manufacturing remained in decline, and the worrying drop in business confidence.”

He also pointed to subdued business expectations given uncertainty heading into the U.S. elections in November.

Several economic reports coming later in the week could offer more context about where the U.S. economy stands. One on Thursday will offer the final revision for the U.S. economy’s growth in the spring, and another on Friday will give a look at how much U.S. consumers are spending.