U.S. stocks closed sharply higher on Monday, with the Dow closing at a record high, as hostilities between the United States and Iran eased over the weekend and major technology-related stocks rose following a recent sell-off. A source told Reuters that Iranian and US technical teams working on implementing the interim peace deal are expected to meet in Doha in the coming days, after weekend strikes threatened to derail the fragile agreement.

The US and Iran signed a memorandum of understanding on June 17 aimed at ending the four-month conflict. Under the document, both sides agreed to cease hostilities and reopen the Strait of Hormuz.

“The hostilities between the U.S. and Iran over the weekend we didn’t really have any negative impact on the market,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

“The market is looking ahead and preparing for the earnings season, which is not far away,” he said.

Most S&P 500 companies are set to begin reporting second-quarter results after mid-July. Communications services gained among the S&P 500 sectors. Shares of Comcast jumped after the media and cable provider said it plans to separate itself into two independent, publicly traded companies through a tax-free spinoff of NBCUniversal and Sky. SpaceX closed higher after Nasdaq said the newly listed company would be added to the Nasdaq 100 index on July 7. Google parent Alphabet closed higher after opening its first day as a Dow component.

According to preliminary data, the S&P 500 gained 85.24 points, or 1.16%, to close at 7,439.26 points, while the Nasdaq Composite gained 514.90 points, or 2.04%, to close at 25,812.52. The Dow Jones Industrial Average rose 296.58 points, or 0.57%, to 52,172.69.

Quarter-end “window dressing,” where investors buy certain stocks to make their portfolios look better, could also help the market, Cardillo said.

Concerns about AI spending have recently hit shares of artificial intelligence-related companies, including megacap shares of Semiconductors and the Magnificent Seven Group. Information technology index rose on Monday. RBC Capital Markets cited earnings strength and a supportive macro backdrop as it raised its 12-month target for the S&P 500 index to 8,150 from 7,900.