By Dan Strumpf 

Stocks pushed farther into record territory Monday, as investors continued to digest upbeat economic data and improving corporate profits.

The Dow Jones Industrial Average gained 39.81 points, or 0.2%, to 17613.74, notching its 23rd record close of the year. The S&P 500 advanced 6.34, or 0.3%, to 2038.26, its 39th record finish of 2014.

Traders reported a quiet session with restrained buying following Friday's jobs report, which showed that U.S. employers added jobs at a moderate pace for another month in October. The data lifted stocks and further extended a rally in equities that investors widely attribute to the Federal Reserve's easy-money policies, a slow but steadily improving economy and improving corporate earnings.

Brian Fenske, head of sales trading at brokerage ITG, said that while "companies are by no means knocking the cover off the ball" in their recent quarterly earnings reports, "the mood is that things are OK...people still like stocks broadly as an asset class."

The Nasdaq Composite Index gained 19.08 points, or 0.4%, to 4651.62.

With the third-quarter earnings season winding down, investors are widely expect to keep their attention in the coming months fixed on the Federal Reserve for hints on when the central bank might begin raising short-term interest rates. Many investors said that October's jobs report did little to shift their perception when the interest-rate increase will occur, expected sometime next year.

Many investors say the slowing economy in Europe and flagging growth in China make investing in U.S. companies the safest bet.

"The divergence of the U.S. economic outlook and the rest of the world is pretty stark," said Jerry Braakman, chief investment officer of First American Trust, which manages $1.1 billion. "On a relative basis, the U.S. is the best place to be."

Crude-oil futures shed 1.6% to $77.40 a barrel, extending a decline that has sent prices tumbling 28% from their recent highs of late June. The decline has dented energy stocks and led investors to reassess the implications of cheaper oil on corporate outlooks.

Oil-sensitive stocks fell, with shares of Chevron down 0.7% and Exxon Mobil easing 0.3%.

Mr. Braakman said he continues to own stakes in U.S.-based energy companies, including shares of service companies, which he said still should see strong business despite the oil-price slide. He said he also owns technology and health-care stocks.

Chinese shares posted their biggest daily percentage gain since July after Chinese regulators said Shanghai's stock market would open up to overseas investors on Nov. 17, through the launch of a trading link between Hong Kong and Shanghai.

The Stoxx Europe 600 rose 0.7%. Two million Catalans voted in favor of independence from Spain on Sunday in a symbolic, nonbinding exercise. In September, Scottish voters voted against separating from the U.K.

In commodities markets, gold futures fell 0.9% to $1159.60 an ounce.

No major economic-data reports were released Monday. Later in the week, investors will get a reading on retail sales in October and a preliminary gauge of consumer sentiment in November.

Katrina Lamb, head of investment strategy and research at MV Financial, which manages about $500 million, said she is looking ahead to the coming holiday sales season to help guide stocks through the end of the year.

"You've got a good economic story here in the U.S.," Ms. Lamb said. "In the absence of anything negative, you could look for something positive in holiday sales."

Investors also will get a late batch of quarterly earnings reports in the week ahead. Earnings updates of note this week include retailers such as Macy's Inc. and Wal-Mart Stores Inc. Companies in the S&P 500 are on track to post earnings growth of 8% in the third quarter, according to FactSet.

In corporate news, home builder Toll Brothers Inc. said preliminary revenue in the quarter ended Oct. 31 rose 29% to $1.35 billion, topping expectations. Shares rose 2.4%.

Shares of GoPro Inc. fell 4.2%. The maker of portable cameras filed plans Monday for an offering of $800 million in shares after raising $491 million in its initial public offering in June.

The yield on the benchmark 10-year Treasury note rose to 2.359%. Prices declined amid a new supply of $66 billion in government bonds. The U.S. bond market will be closed Tuesday for Veterans Day.

Write to Dan Strumpf at daniel.strumpf@wsj.com

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