The Dow and S&P 500 hit record highs as Tesla stock electrifies

New York(CNN Business) Wall Street is brushing off concerns about Facebook. The Dow and S&P 500 both closed at record highs Monday — while Tesla shares soared to a new all-time peak above $1,000 and sent the company's market share past the $1 trillion level.

The Dow ended the day up nearly 65 points, or 0.2%, and is now within striking distance of topping the 36,000 level for the first time. The S&P 500 rose 0.5% and the Nasdaq gained 0.9%.

Tesla (TSLA) shares surged 13% following the news of a deal to sell 100,000 electric vehicles to rental car company Hertz. An upgraded price target for Tesla stock from influential Wall Street auto analyst Adam Jonas of Morgan Stanley helped boost Tesla too.

Tesla leapfrogged Facebook in the process to become the fifth most valuable company in the S&P 500. Only Apple (AAPL), Microsoft (MSFT), Google owner Alphabet (GOOGL) and Amazon (AMZN) are worth more than Tesla.

Investors are gearing up for a busy week of corporate earnings reports. Top techs will release their latest results, with Facebook on tap Monday afternoon. The social media giant is also expected to announce a new brand name that will focus on its growing multiverse-related business.

Apple, Amazon, Microsoft and Alphabet are set to issue their third-quarter numbers later this week.

Investors are also growing hopeful that there will be a breakthrough in talks to finalize a sweeping economic, climate change and social safety net spending passage in Washington later this week following talks between President Biden and influential moderate Democratic Senator Joe Manchin.