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Stocks rallied on Monday to the cusp of their records.

The S&P 500 climbed 1.1% and pulled within 0.3% of its all-time high set earlier this month. The Dow Jones Industrial Average jumped 515 points, or 1.1%, and the Nasdaq composite gained 1.4%.

Apple led the way and rose 3.9% amid optimism about demand for its latest iPhone design. It was the strongest force lifting the S&P 500 and set its own record high.

Cleveland-Cliffs jumped 21.5% after the steel company’s CEO, Lourenco Goncalves, said it would provide details soon about a potential deal with a major global steel producer that could mean bigger profits. He also said his company has potentially found signs of rare earths at

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