Stocks rally as Wall Street cheers Biden’s stimulus package

The Dow surged more than 600 points on Monday as investors cheered the Senate’s passage of a Covid-19 relief package that aims to bolster the US economy.

The S&P 500, the broadest measure of Wall Street, also rallied 0.9%.

But a selloff in tech stocks continued as US markets opened, dragging the Nasdaq Composite down 0.6%.

The 10-year Treasury yield rose to about 1.6% after the Senate cleared President Biden’s $1.9 trillion stimulus, paving the way for the sweeping legislation to be signed into law early this week. Investors are worried about the potential for inflation as the economy recovers.