Stocks hit new highs as record streak continues

U.S. stock markets opened to new records Tuesday, continuing a February winning streak as investors look toward recovery from the COVID-19 pandemic.

The Dow Jones Industrial Average opened up 100 points, or 0.3 percent, and the S&P 500 rose 13 points, or 0.3 percent.

Increases in vaccine distribution in recent weeks and a steady drop in COVID-19 cases have bolstered confidence that the economy can bounce back from pandemic recession, the worst economic crisis since the Great Depression.

President Biden’s push for a $1.9 trillion relief plan is also adding to hopes of a quick recovery, though some critics are warning that the economy could overheat with such a large stimulus.

With former President Trump’s impeachment trial complete, the Senate is now free to turn to legislative business, including confirming additional Biden nominees and advancing the stimulus package.

The House Budget Committee is set to receive legislative pieces of the stimulus bill from various committees Tuesday for compiling before advancing the legislation to the House floor.