Stocks climb to new highs

Major U.S. stock indexes climbed to new highs Thursday as investors remained optimistic that Washington will deliver another round of financial support for the economy and as vaccines begin slowly rolling out to the public.

The S&P 500 rose 0.6%, with technology and health care stocks powering much of the market’s broad rally. The index, which is a key benchmark for many 401(k) accounts, has now set 31 record highs this year. The Dow Jones Industrial Average and Nasdaq composite also hit new highs. Treasury yields moved broadly higher, a sign of bonds traders’ confidence in the economy.

Optimism that Congress will deliver more financial aid to people and businesses most hurt by the pandemic, and hopes that the rollout of coronavirus vaccinations will pave the way for an economic recovery next year have helped keep investors in a buying mood.

“Investors are being hopeful because of that, even though we’re seeing a widening lockdown threat from cities, states and countries,” said Sam Stovall, chief investment strategist at CFRA. “The market is traveling on an end-ofyear autopilot, which should allow share prices to drift higher, unless we hit an unexpected pothole.“

The S&P 500 rose 21.31 points to 3,722.48. It’s the index’s third straight gain. The Dow picked up 148.83 points, or 0.5%, to 30,303.37. The Nasdaq extended its winning streak to a fourth day, gaining 106.56 points, or 0.8%, to 12,764.75.