Stocks rallied off session lows on Monday, with the Dow Jones Industrial Average (DIA  ) and S&P 500 Index (SPY  ) reaching fresh record highs, as market participants looked past the Department of Justice's new criminal investigation into Federal Reserve Chair Jerome Powell.

The 30-stock average climbed nearly 90 points to settle at 49,590.20, while the broader market index rose 0.16% to end the session at 6,977.27; the Dow was down nearly 500 points earlier in the session. The tech-heavy Nasdaq Composite (QQQ  ) also added about 0.3% to close at 23,733.90.

Market sentiment was under pressure on Monday after Powell confirmed that federal prosecutors have opened a criminal investigation related to the $2.5 billion renovation of Fed office buildings. Powell said "the threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve that public, rather than following the preferences of the President." Powell's term is up in May.

Investors has broadly ignored Trump's attempts to pressure the Fed to cut interest rates. Tobin Marcus, head of U.S. policy and politics at Wolfe Research, said a successful criminal prosecution is "highly unlikely" based on available information, adding that "unless someone actually resigns, it's not clear this really changes the picture."

"The suspect the constraint on Trump will be the lack of tools to fully control Fed policy, rather than discipline from a huge market backlash," Marcus continued.

Bank stocks were also lower on Monday after President Donald Trump called to cap credit card rates for one year at 10% in effort to aid consumer affordability after multiple years of inflationary pressures across the economy. Citigroup (C  ), JPMorgan Chase (JPM  ) and Bank of America (BAC  ) each fell by more than 1%, pulling the Invesco KBWB Bank ETF (KBWB  ) lower.

Elsewhere, Apple (AAPL  ) announced a multi-year partnership with Google (GOOG  ) (GOOGL  ) to use Gemini AI to power its Siri update later this year. "After careful evaluation, Apple determined that Google's technology provides the most capable foundation for Apple Foundation Models and we're excited about the innovation new experiences it will unlock for our users," Apple wrote in a statement obtained by CNBC's Jim Cramer.

Google also announced its Gemini assistant will soon integrate with Walmart (WMT  ) to help shoppers discover and purchase products from the retail giant and its Sam's Club subsidiary. Incoming Walmart CEO John Furner and Google CEO Sundar Pichai unveiled the partnership on stage at the National Retail Federation's annual Big Show industry conference in New York City.

"The transition from traditional web or app search to agent-led commerce represents the next great evolution in retail," Furner said in a news release. "We aren't just watching the shift, we are driving it."

Meta Platforms (META  ) appointed the Trump administration's former deputy national security advisor Dina Powell McCormick as its new president and vice chair.

"Dina's experience at the highest levels of global finance, combined with her deep relationships around the world, makers he uniquely suited to help Meta manage this next phase of growth as the company's President and Vice Chairman," CEO Mark Zuckerberg said Monday.