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

S&P 500 breaks new record, closes above 3,700
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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 McConnellAddison (Mitch) Mitchell McConnellKlain on Manchin's objection to Neera Tanden: He 'doesn't answer to us at the White House' Democratic fury with GOP explodes in House Murkowski undecided on Tanden as nomination in limbo MORE (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 SandersBernie SandersKlain says Harris would not overrule parliamentarian on minimum wage increase Romney-Cotton, a Cancun cabbie and the minimum wage debate On The Money: Senate panels postpone Tanden meetings in negative sign | Biden signs supply chain order after 'positive' meeting with lawmakers MORE(I-Vt.) and Elizabeth WarrenElizabeth WarrenBecerra says he wants to 'build on' ObamaCare when pressed on Medicare for All Yellen deputy Adeyemo on track for quick confirmation Menendez reintroduces corporate diversity bill MORE (D-Mass.) called for the bill to include another round of $1,200 stimulus checks.