US STOCK CLOSE AT RECORD HIGHS STIMULUS OPTIMISM CONTINUES

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  • All three major indexes closed at record highs on Monday as investors remain optimistic for a robust stimulus package.
  • Oil prices hit their highest level in over a year as an expected recovery in demand brightened a recently grim outlook for the industry.
  • Bitcoin soared 16% to all-time-highs of $44,795.20 as Tesla invested in the cryptocurrency.

All three major indexes closed at record highs on Monday as investors remain hopeful falling coronavirus cases and a robust stimulus package from the Biden administration will bolster the economic recovery in the coming months.

Seven-day rolling averages of new COVID-19 cases have fallen by 50% since January 12, while hospitalizations are below 90,000 for the first time since November, according to Nuveen.

“These improvements bolster our confidence in a return to “normal” sooner rather than later. As a result, we believe cyclicals and small caps should continue to outperform, driven by a recovery in pandemic-sensitive industries and substantial earnings growth,” said Saira Malik, chief investment officer for Nuveen’s global equity divi son.

Here’s where US indexes stood at the 4 p.m. ET close on Monday:

  • S&P 500: 3,915.58, up 0.74%
  • Dow Jones Industrial Range: 31,385.02, up 0.76% (236.78 points)
  • Nasdaq composite: 13,987.64, up 0.95%