Feb. 8 (UPI) — All three major U.S. indexes hit record highs on Monday, continuing a rally fueled by optimism surrounding President Joe Biden’s $1.9 trillion COVID-19 relief package.
The Dow Jones Industrial Average rose 237.52 points, or 0.76%, and the S&P 500 gained 0.74%, both reaching all-time highs, while the Nasdaq Composite increased 0.95% for an intraday high.
Markets rose as the Senate and House each passed a budget resolution Friday, beginning a reconciliation process that would allow Biden’s relief plan to pass in the Senate with a simple majority and Treasury Secretary Janet Yellen said Sunday that passing the bill would help the United States reach full employment by 2022.
Airline stocks increased on Monday after documents indicated Democrats’ proposal could include $14 billion in airline payroll assistance.
United Airlines increased 5.24%, Delta climbed 5.1% and American Airlines saw a 3.37% boost.
Additionally, the S&P’s energy sector gained 4% as oil prices hit their highest level in more than a year. West Texas Intermediate crude climbed as much as 2% to $57.99 per barrel, while Brent Crude increased 2.11% to $60.60 per barrel.
Markets also reacted to a filing with the Securities and Exchange Commission showing that Tesla invested $1.5 billion in bitcoin and will soon accept the cryptocurrency as payment for some of its products.
Bitcoin’s price climbed above $44,000 for an all-time high following the news and Tesla stock grew 1.31%.
