(CNBC) -- The Dow Jones Industrial Average climbed on Monday as investors piled into economic comeback plays after Senate approval of a new Covid stimulus package, while a continuous sell-off in high-flying tech shares put pressure on the S&P 500.
The blue-chip benchmark gained 480 points after jumping 650 points to hit an intraday record high. The S&P 500 erased a 1% gain to trade 0.1% lower, dragged down by tech. The Nasdaq Composite slid 2% in volatile trading as Apple dropped 3.8% and Tesla fell 5.5%.
The Senate passed a $1.9 trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus checks and aid to state and local governments. The Democrat-controlled House is expected to pass the bill later this week. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.
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