The Dow Jones industrial average notched a record closing high on Monday after the Senate narrowly passed a major tax bill over the weekend.

The 30-stock index rose 58.46 points to 24,2940.05, with Walt Disney and Boeing leading advancers. The Dow also hit an intraday record and rose more than 300 points at its session high.

But the rest of the market closed lower, however, as a sharp decline in tech pressured the S&P 500 and Nasdaq composite.

The closed 0.1 percent lower at 2,639.44, as information technology fell nearly 2 percent. The index had gained 0.87 percent at its session high, marking the first time since Feb. 10, 2016 the S&P 500 gave up such a gain.

The Nasdaq composite lagged, sliding 1.1 percent to 6,775.37 as Facebook, Alphabet and Netflix all finished lower.

"You're seeing tech lagging and financials leading. This is some rotation on the back of the Senate vote," said Lindsey Bell, investment strategist at CFRA.

In the early hours of Saturday morning, Senate Republicans managed to narrowly pass a bill to revamp the country's tax system. The final vote came out as 51-49 in favor, after Republicans had to rework the bill late on Thursday.

"Everyone who owns stock is happy with the tax bill vote," said Trip Miller, managing partner at Gullane Capital Partners. "Net-net, this is good news for Corporate America."

The GOP, however, still need to overcome future obstacles in order for the Senate and the House to craft a joint bill, which will then be presented to President Donald Trump. Republicans hope a deal will be achieved by Christmas.

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"Investors this week will look to see progress between the House and Senate's joint bill," said Nicholas Colas, co-founder of DataTrek Research. "Both chambers still have to reconcile differences between their bills, such as implementing corporate tax cuts immediately or in 2019."

Bank stocks rose broadly, with the SPDR S&P Bank exchange-traded fund (KBE) surging 1.7 percent. Goldman Sachs, Bank of America and JPMorgan all rose.

U.S. stock index futures had also risen sharply before the open on Monday. Dow futures briefly traded more than 250 points higher.