Stock markets opened higher Monday morning, reaching for new records and building on the previous week’s gains, which were the strongest since November.
The Dow Jones Industrial Average gained 142 points, or 0.5 percent, in early trading, and the S&P 500 increased 18 points, or 0.5 percent.
The upswing comes as Democrats push forward a $1.9 trillion COVID-19 relief package. Both the House and Senate approved shell budget resolutions on Friday, paving the way for Democrats to proceed on the massive spending measure without Republican support.
President Biden has indicated that despite his calls for unity and bipartisanship, he is willing to push the package ahead if common ground cannot be reached with Republicans.
A group of 10 centrist Republican senators has pitched a $618 billion counteroffer and engaged with the Biden administration on targeting the relief package.