The S&P 500 rose on Monday as traders sought to build on last week’s strong gains following the U.S. Federal Reserve’s interest rate cut.

The broad market index rose by 0.21%, while thethe Nasdaq Composite was traded 0.3% higher. The Dow The Jones Industrial Average gained 34 points, or 0.08 percent. The energy sector of the S&P 500 gained more than 1 percent.

The moves come after a strong week on Wall Street, which centered on the Federal Reserve’s decision to cut interest rates by 50 basis points – the first cut in four years. Despite some turbulence following the initial announcement, stock prices recovered in the days that followed.

The Dow Friday ended with an all-time high well above 42,000. All three major indices gained more than 1% this week, with the S&P500 New records were also achieved.

On Monday, investors analyzed new economic data, including a 15-month low for U.S. manufacturing PMI activity for August.

According to Brian Burrell, portfolio manager at Thornburg Investment Management, equity markets will continue to be particularly vigilant about economic data that could dash hopes of a soft landing.

“We are in a period where there are election risks and the Fed will be looking at the data, particularly the labor markets as we see a slowdown particularly in the lower end of the U.S.,” Burrell said. “There will be a balance between the easing of financial conditions and the rate cuts that we see as the labor market weakens.”