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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

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 33,362,341 — Total deaths: 1,001,800 — Total recoveries: 23,153,572Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 7,149,073 — Total deaths: 205,069 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Business: Companies are still holding back earnings guidance.
  4. Health: Trump announces plan to distribute 150 million rapid tests —The childless vaccine.
  5. Media: Fauci: Some of what Fox News reports about COVID-19 is "outlandish"
  6. States: Cuomo extends New York moratorium on evictions until 2021.
  7. World: More than 1 million people have now died from coronavirus — India the second country after U.S. to hit 6 million cases.

Kentucky attorney general to release Breonna Taylor jury deliberations

Attorney Ben Crump places his hands on the shoulders Tamika Palmer, Breonna Taylor's mother, near a mural of her daughter at Jefferson Square Park on Sept. 25 in Louisville, Kentucky. Photo: Michael M. Santiago/Getty Images

Grand jury proceedings in the case of Breonna Taylor, an unarmed Black woman fatally shot by police, will be released on Wednesday, Kentucky Attorney General Daniel Cameron confirmed to news outlets.

Driving the news: Cameron's announcement late Monday came hours after a judge granted an unnamed juror's court motion seeking the release of last week's transcripts and related recordings.

Bob Woodward: "I was not going to hide" my opinion on Trump

Bob Woodward didn't want to join Senate Republicans in privately condemning President Trump but declining to do so publicly, he told Jonathan Swan in an interview for "Axios on HBO."

Why it matters: Woodward has covered 9 presidents, but Trump is the first that Woodward explicitly described as "the wrong man for the job."