04:59 PM EDT, 09/30/2024 (MT Newswires) -- The Dow Jones Industrial Average and the S&P 500 closed at all-time highs Monday as traders evaluated remarks by Federal Reserve Chair Jerome Powell.

The Dow ticked 0.04% higher to 42,330.2, while the S&P 500 rose 0.4% to 5,762.5. The Nasdaq Composite increased 0.4% to 18,189.2. Among sectors, energy and communication services posted the biggest gains. Only materials and consumer discretionary closed lower.

For the month of September, the Nasdaq jumped 2.7%, while the S&P 500 advanced 2%. The Dow rose 1.9%.

Powell said monetary policy is not on a "preset course," with any further adjustment in interest rates to be determined by incoming economic data on a meeting-by-meeting basis.

Earlier this month, the central bank's Federal Open Market Committee cut its benchmark lending rate by 50 basis points versus a Bloomberg-compiled consensus indicating a 25-basis-point reduction.

"Looking forward, if the economy evolves broadly as expected, policy will move over time toward a more neutral stance. But we are not on any preset course," Powell said Monday.

Separately, Fed Governor Michelle Bowman said upside risks to inflation continue to be "prominent."

"I believe that, by moving at a measured pace toward a more neutral policy stance, we will be better positioned to achieve further progress in bringing inflation down to our 2% target, while closely watching the evolution of labor market conditions," Bowman, who preferred a 25-basis-point interest-rate cut earlier this month, said.

The odds that the FOMC will lower interest rates by 25 basis points in November jumped to 64% Monday from 47% Friday, while the probability of a bigger 50-basis-point cut fell to 36% from 53%, according to the CME FedWatch tool.

The US two-year yield rose eight basis points to 3.64% Monday, while the 10-year rate increased 3.6 basis points to 3.79%.

Official data are likely to show Friday that the US economy added 180,000 jobs this month, UBS Securities said in a note e-mailed Monday. The consensus is for growth of 146,000 jobs in a survey compiled by Bloomberg. UBS expects the unemployment rate to hold steady at 4.2%, in line with the Street's projections.

Texas manufacturing activity unexpectedly improved in September into shallower contraction territory, while output turned negative, according to the Dallas Fed.

West Texas Intermediate crude oil rose 0.3% to $68.36 a barrel.

In company news, CVS Health's ( CVS ) leadership is facing a challenge by shareholder Glenview Capital in what could be the start of a push to oust management, news outlets reported, citing unnamed sources. CVS shares rose 2.4%, among the top gainers on the S&P 500.

Boeing ( BA ) saw the steepest decline on the Dow, down 2.7%. The plane maker's pay-related deal talks with the International Association of Machinists and Aerospace Workers broke off and no further dates for negotiations were scheduled, the union said Friday in a post on X.

Micron Technology ( MU ) shares decreased 3.5% Monday, among the worst performers on the S&P 500 and the Nasdaq.

Gold fell 0.5% to $2,654.70 per troy ounce, while silver lost 1.2% to $31.44 per ounce.