Dow, S&P 500 close at record highs as stimulus optimism continues

Dow, S&P 500 close at record highs as stimulus optimism continues

All three major indexes closed at record highs on Monday as investors remain hopeful falling coronavirus cases and a robust stimulus package from the Biden administration will bolster the economic recovery in the coming months. Seven-day rolling averages of new COVID-19 cases have fallen by 50% since January 12, while hospitalizations are below 90,000 for the first time since November, according to Nuveen. 

"These improvements bolster our confidence in a return to "normal" sooner rather than later. As a result, we believe cyclicals and small caps should continue to outperform, driven by a recovery in pandemic-sensitive industries and substantial earnings growth," said Saira Malik, chief investment officer for Nuveen's global equity divi son.

Here's where US indexes stood at the 4 p.m. ET close on Monday:

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