Stocks rose to records Monday as investors wagered that a new round of stimulus spending would bolster the economy.
The Dow Jones Industrial Average added 237.52 points, or 0.8%, to close at 31385.76, continuing its climb after the blue-chip index posted its biggest one-week advance since November.
The S&P 500 rose 28.76 points, or 0.7%, to 3915.59, while the technology-heavy Nasdaq Composite gained 131.35 points, or 0.9%, to close at 13987.64. All three indexes ended the day at records.
Stocks have powered higher in recent trading sessions, putting the volatility sparked by swings in GameStop and other individual stocks in the rearview mirror. Investors are focusing on the prospect for a new batch of government spending. They say that could boost growth at a time when large companies are reporting robust profits but the broader economic outlook is patchy.
Democrats took a series of votes last week unlocking a process called reconciliation, which will allow the party to approve President Biden’s $1.9 trillion relief plan without Republican support in the Senate. House lawmakers are aiming to finalize and vote on a relief bill before the end of February.