Dow, S&P 500 Set Records, Tech and Bitcoin Soar as Stimulus Signing Fuels Rally

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Stocks advanced on Thursday and the Dow and S&P 500 each set record highs after President Joe Biden signed into law another expansive coronavirus relief package. Technology shares rebounded, and Treasury yields steadied.

The S&P 500 added more than 1% to reach both a record intraday and closing high. The Nasdaq outperformed as tech stocks resurged, and the index climbed 2.5%. The risk rally extended to Bitcoin, which rallied to more than $57,000 and closed in on the record high the token achieved late last month. The Dow added 0.6%, or 188 points, and also reached a closing high.