The Dow Jones Industrial Average closed at a record Tuesday, extending a market rally underpinned by the potential for more fiscal stimulus and hopes for a successful vaccine rollout.
The broad-based S&P 500 and the technology-heavy Nasdaq Composite, meanwhile, edged back from the record closes they set Friday, before the three-day weekend in the U.S. All three stock gauges have notched multiple closing highs in recent days.
The Dow industrials rose 64.35 points, or 0.2%, to 31522.75, an eighth record close of 2021. The S&P 500 edged down 2.24 points, or 0.1%, to 3932.59. The Nasdaq Composite fell 47.97 points, or 0.3%, to 14047.50, weighed down by losses in shares of heavily-weighted Apple and Microsoft .
The economically sensitive energy and financial groups led the S&P 500’s 11 sectors, rising 2.3% and 1.8%, respectively.
Investors in recent days have been heartened by expectations that a fresh round of stimulus spending and continued support from the Federal Reserve will support economic recovery. House Democrats are preparing to stitch together a legislative version of President Biden’s $1.9 trillion coronavirus relief proposal.