U.S. stocks climbed on Monday, building on a recent rally to record levels as investors remained optimistic about further COVID stimulus and an economic recovery.
The Dow Jones Industrials rocketed to a new record, picking up 237.52 points to 31,385.76.
The S&P 500 jumped 28.76 to 3,915.59. The blue-chip Dow and the S&P 500 have risen for six days straight, marking their longest winning streaks since August
The NASDAQ Composite popped 131.35 points, or 1%, to 13,987.66, also achieving an all-time peak.
Airline stocks jumped as documents showed Democrats’ proposal could include $14 billion for the airline payroll assistance. American Airlines popped 3.4%, while United climbed 5.2% and Delta rallied 5.1%. The package would include $1,400 stimulus cheques, supplemental jobless benefits and COVID-19 vaccine and testing funds.
Another busy week of earnings is on deck with 78 S&P 500 components set to report quarterly results, including Twitter, GM, Coca-Cola and Disney. Of the 286 companies in the S&P 500 that have reported earnings for the fourth quarter, 83.6% topped analyst expectations.
Treasury Secretary Janet Yellen urged Congress on Sunday to pass President Joe Biden’s stimulus plan, saying if it does the U.S. could return to full employment by 2022.
The Senate and House each passed a budget resolution on Friday, starting the reconciliation process that would allow Biden’s $1.9-trillion rescue package to get through the Democratic-held Senate with a simple majority. The package includes $1,400 stimulus cheques, supplemental jobless benefits and COVID-19 vaccine and testing funds.
Biden has set a goal to administer at least 100 million COVID vaccine doses during his first 100 days in office, but he warned it will be very difficult to achieve herd immunity in the U.S. by the end of summer.
Prices for 10-Year Treasurys fell once again, raising yields to 1.18% from Friday’s 1.17%. Treasury prices and yields move in opposite directions.
Oil prices added $1.21 to $58.06 U.S. a barrel.
Gold prices gained $18.70 to $1,831.70 U.S. an ounce.