The S&P 500 ticked higher Monday, extending a gradual August rally that has pushed the benchmark to the cusp of a new high.

The broad-based index rose 0.4% in early-afternoon trading. It was recently hovering at 3386.00, less than a point below its record closing high from February, before the coronavirus pandemic ravaged financial markets. In recent days, the S&P 500 has repeatedly approached the record but stopped short of notching a new close.

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