(CNBC) -- The Dow Jones Industrial Average soared more than 500 points to a record after falling bond yields and a new stimulus package spurred investors to snap up stocks that will benefit from a faster recovery from the pandemic.
The blue-chip Dow jumped 520 points to hit an intraday record high. The S&P 500 added 1.1%, led by energy and financials. The Nasdaq Composite rose 0.5% after gaining as much as 1.6% earlier in the day. The tech-heavy benchmark enjoyed a 3.7% rally in the previous session for its best day since November.
House Democrats passed a $1.9 trillion coronavirus relief bill Wednesday, sending it to President Joe Biden, who is expected to sign Friday. Biden said checks of up to $1,400 should start going out this month.
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