Stocks push to more gains, record highs

U.S. stocks notched more gains and pushed to new highs Monday, extending a winning streak that just gave the market its best weekly gain since November.

The S&P 500 rose 0.7 percent, its sixth straight gain. The three major indexes climbed to an alltime high, as did a benchmark of smaller company stocks. Technology and financial stocks helped lead the broad rally. Energy sector companies surged the most following a 2 percent jump in the price of U.S. crude oil. Treasury yields mostly rose.

Investors have been encouraged by surprisingly good corporate earnings reports, news that a recent surge in new coronavirus cases is easing, and progress in the distribution of vaccines.

“The resilience of the corporate sector has been resounding,” said Ross Mayfield, investment strategy analyst at Baird. “The path of least resistance is still higher.”

The S&P 500 rose 28.76 points to 3,915.59. The Dow

Jones Industrial Average gained 237.52 points, or 0.8 percent, to 31,385.76. The Nasdaq composite climbed 131.35 points, or1 percent, to 13,987.64.

Small-company stocks continued to far outpace the rest of the market, a sign investors are feeling optimistic about the economy. The Russell 2000 index rose 56.43 points, or 2.5 percent, to 2,289.76.

President Joe Biden and Congressional Democrats appear to be moving forward with their own version of a coronavirus stimulus bill that is estimated to cost $1.9 trillion. The Senate and House took procedural steps late last week to pass the bill using a process known as reconciliation, which only requires 51 votes in the Senate. The Senate is split 50-50, with Vice President Kamala Harris the tiebreaking vote.

“Looks like they’ll get a package together and get it through probably in midMarch, which is when you start to see those emergency pandemic programs expire,“said Tom Hainlin, national investment strategist at U.S. Bank Wealth Management.