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The Dow Jones Industrial Average notched a record closing high on Tuesday as cyclical sectors gained on the prospect of more fiscal aid to lift the U.S. economy from a coronavirus-driven slump.
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NEW YORK (Reuters) - The Dow Jones Industrial Average notched a record closing high on Tuesday as cyclical sectors gained on the prospect of more fiscal aid to lift the U.S. economy from a coronavirus-driven slump.
The Nasdaq, however, dipped as technology stocks moved lower, while concerns over rising interest rates kept the benchmark S&P 500 little changed.
Sectors poised to benefit the most from a reopening economy, including energy and financials, had the biggest percentage gains. President Joe Biden has pitched a $1.9 trillion pandemic relief bill and is pressing Congress to pass it in the coming weeks in order to get $1,400 stimulus checks to Americans and bolster unemployment payments.
Wall Street’s main indexes were set to open at all-time highs on Tuesday, with investors piling into economically sensitive stocks on hopes of more fiscal aid to lift the world’s biggest economy from a coronavirus-driven slump. Morgan Stanley, Goldman Sachs, JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp rose about 1.7% each .