U.S. equities closed at record highs on Monday as Wall Street kicked off the fourth quarter on a high note.

The Dow Jones industrial average gained 152.51 points to close at 22,557.60, with Goldman Sachs contributing the most to the gains.

The rose 0.4 percent to 2,529.12, led by gains in health care and financials. Health care was one of the best-performing sectors, rising 0.9 percent, as biotech stocks posted their best day since Aug. 31. Financials rose 0.89 percent and have gained nearly 2 percent in the past month.

"Health care continues to be on fire and financials keep doing well. That's helping out the market today," said Jeremy Klein, chief market strategist at FBN Securities. "It's also the first trading day of the month, which is usually the strongest day of the month for stocks."

General Motors, meanwhile, was among the best-performing S&P components, advancing 4.4 percent after analysts at Deutsche Bank reiterated their buy rating on the stock.

The Nasdaq composite closed 0.3 percent higher at 6,516.72, despite shares of Facebook, Netflix and Alphabet falling.

The Russell 2000 — which tracks small-cap stocks — outperformed, advancing 1.3 percent to a record close of 1,509.47.

The indexes also set intraday records, as they began a historically positive period for stocks. According to CNBC analysis using Kensho, the Dow, S&P and Nasdaq have averaged strong fourth-quarter returns in the past 25 years. Stocks are also building on gains set in the previous quarter.