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Wall Street Continues Record High Spree as Biden Pushes Forth With US Stimulus

© REUTERS / LUCAS JACKSONA trader at the New York Stock Exchange works as markets continue to react to the coronavirus disease (COVID-19) inside of the NYSE in New York, U.S., March 18, 2020
A trader at the New York Stock Exchange works as markets continue to react to the coronavirus disease (COVID-19) inside of the NYSE in New York, U.S., March 18, 2020 - Sputnik International, 1920, 08.02.2021
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NEW YORK  (Sputnik) - Wall Street continued its record-setting spree as all three major US stock indexes hit all-time highs for a second day in a row as the Biden administration pushed to have its $1.9 trillion coronavirus stimulus approved by Congress, with or without bipartisan support.

The S&P 500, a barometer for the top 500 US stocks, settled up 0.7 percent at 3,916 on Monday, after a record high at 3,894. The S&P 500 gained 4.7 percent last week.

The tech-heavy Nasdaq index, which includes sector giants such as Facebook, Apple, Amazon, Netflix and Google, closed up 0.8 percent at 13,988, after yesterday's all-time high at 13,898. Nasdaq ended last week up 6 percent.

The Dow Jones Industrial Average, the broadest gauge of the New York Stock Exchange, closed up 0.8 percent at 31,386. The Dow gained 3.9 percent last week.

“US stocks are feeling super as Wall Street remains confident Biden’s stimulus plan will be big and is coming shortly and as COVID cases continue to trend lower,” said Ed Moya, senior market strategist at New York-based online broker OANDA Capital.

Biden and his Democratic allies in Congress have cleared the path for a $1.9 trillion COVID-19 relief package as lawmakers approved a budget outline that will allow them to muscle the plan through, whether or not they have the support of the Republican Party. Treasury Secretary Janet Yellen, meanwhile, said on Sunday that she expected the United States to revert to full employment by next year if Congress approved the stimulus package.

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