Dow, Nasdaq on pace for record highs as Biden administration pushes for $1.9 trillion stimulus

Dow, Nasdaq on pace for record highs as Biden administration pushes for $1.9 trillion stimulus

US stocks neared record-highs Monday morning as investors remain hopeful the Biden administration will pass a large stimulus package to support the economic recovery. 

US Treasury secretary Janet Yellen pushed for Congress to pass a $1.9 trillion stimulus package in a Sunday interview. "If we don't provide additional support, the unemployment rate is going to stay elevated for years to come," she told CNN. Her comments follow last week's disappointing payrolls report; The US added 49,000 jobs in January, missing the estimate of 105,000 additions.

The S&P 500 and Nasdaq closed at records last week to finish the first five trading days of February.

"Reasons for the surge include the end of the short-interest induced frenzy, a gradual slowdown in the number of new Covid-19 cases in the U.S., an improvement in global GDP growth estimates, and the likelihood that most of the Biden $1.9 trillion stimulus package will be approved by congress," said CFRA's Sam Stovall on Monday.

Bitcoin soared 13% to all-time-highs of $43,725.51 Monday morning after documents filed with theSEC revealed that Tesla invested $1.5 billion in the popular cryptocurrency. The electric vehicle maker also said it plans to accept the cryptocurrency as payment. Bitcoin's previous record high was $41,946.74 on January