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Expand chart
Data: Money.net; Chart: Axios Visuals

The S&P 500 and the Nasdaq both closed at their highest levels on Monday, with the S&P hitting a new record for the first time since July.

Why it matters: The S&P broke out of the tight range it has been trading in for more than three months, as confidence appears to be flowing back through the market.

The big picture: U.S. Treasury yields also jumped, with the benchmark 10-year note rising to its highest since mid-September, signaling that bond investors also see hallmarks of an improving economic story and the possibility for inflation to rise.

  • MSCI’s All Country World Index, which tracks stocks in 47 countries, hit its highest intraday level since February 2018.

What's happening: The extension of Brexit to Jan. 31, a pause in the U.S.-China trade war and near-certain expectations that the Fed will cut U.S. interest rates on Wednesday are all driving risk appetite.

Watch this space: This could be the first year during which stocks, bonds, gold and crude oil all rise at least 10%, according to LPL Financial.

Go deeper: The S&P 500 shuffle

Go deeper

The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.