S&P 500 breaks new record, closes above 3,700

The S&P 500 on Tuesday set a new record, closing above 3,700 for the first time in its history.

The index closed up 10 points, or 0.3 percent, to close at 3,702, while the Dow Jones Industrial Index climbed 105 points, or 0.4 percent, to close at 30,174.

Markets turned around after extending losses from Monday in their opening hours. The moves come as the FDA released more positive news about the Pfizer vaccine ahead of a potential Emergency Use Authorization as soon as Thursday.

At the same time, Congress prepared to extend its funding deadline by a week, giving itself more time to agree on a COVID-19 relief bill.

Senate Majority Leader Mitch McConnell (R-Ky.) introduced a new wrinkle Tuesday, offering to drop his demand for liability protection if Democrats dropped their demand for state and local government funding. Senators including Bernie Sanders(I-Vt.) and Elizabeth Warren (D-Mass.) called for the bill to include another round of $1,200 stimulus checks.