The Dow Jones Industrial Average rose more than 500 points and closed above 37,000 for the first time on Tuesday, buoyed by optimism over additional government stimulus and news of accelerating vaccine rollout.
The blue-chip index jumped 534.3 points, or 1.5%, to end at 37,093.79.
Investors were encouraged by the possibility of additional stimulus, with the Biden administration working on a new relief package. Optimism also surged after Moderna announced it had increased production capacity of its coronavirus vaccine.
The broad-based rally was also supported by the energy and technology sectors. Chevron and Apple were particularly strong, rising 4.2% and 2.8%, respectively.
The Dow’s close above 37,000 solidifies its trajectory in the record books and highlights the economic recovery since the depths of the coronavirus pandemic.
