US stocks hit record highs as optimism on economic reopening accelerates

US stocks hit record highs as optimism on economic reopening accelerates

US stocks traded at record highs on Tuesday as optimism around an accelerated reopening of the economy increased among investors.

The optimism is mostly predicated on a continued plunge in daily COVID-19 cases since the peak of the third wave in early January. On Sunday, there were about 55,000 recorded cases of COVID-19, compared to 93,000 a week ago.

The plunge in cases comes as the administration of COVID-19 vaccines accelerates, with the US recently seeing some days with more than 2 million doses given, though a snowstorm and plunging temperatures for about half the country slowed down the vaccine rollout over the holiday weekend.

Here's where US indexes stood after the 9:30 a.m. ET open on Tuesday:

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Bitcoin surged past the key $50,000 level on Tuesday, signalling that investors continue to be in a risk-on environment.

MicroStrategy is continuing its bitcoin buying binge, with plans to raise $600 million from convertible debt to buy more of the cryptocurrency. Shares jumped 5% on the news.

Ark Invest is also benefiting from