Wall Street added to November's growth momentum on Tuesday, with all three major benchmarks reaching fresh intraday highs and the S&P 500 and Nasdaq also closing at new heights, with both indices jumping over 1.1% each throughout the session. Market sentiment was boosted after Senate lawmakers unveiled a new $908 billion economic stimulus plan, improving economic recovery outlooks ahead of the coronavirus vaccine rollout.

However, Federal Reserve Chairman Jerome Powell testified before the Senate Finance Committee that the U.S. economic outlook is still "extraordinarily uncertain" as the nation's coronavirus outbreak continues to choke hold recovery and ultimately growth.

"The rise in new COVID-19 cases, both [in the United States] and abroad is concerning and could prove challenging for the next few months," Powell stated before Senate lawmakers. "A full economic recovery is unlikely until people are confident that it is safe to re-engage in a broad range of activities."

The United States has recorded over 13 million coronavirus cases since its outbreak began, adding over 4 million new infections in November alone. The nation's hospitalization rate is currently at its highest ever recorded, and many health experts are forecasting that their will be multiple infection surges following the U.S. Thanksgiving holiday weekend.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): +1.13% or +40.81 points to 3,662.44

Dow Jones Industrial Average (DIA  ): +0.63% or +185.28 points to 29,823.92

Nasdaq Composite Index (QQQ  ): +1.28% or +156.37 points to 12,355.11

For Stocks, Zoom Video Communications (ZM  ) fell over 15% following the pandemic darling's quarterly earnings; the video conferencing company signaled that its explosive growth made throughout this year is slowing. Kohl's (KSS  ) shares soared higher after the department store chain announced a new partnership with Sephora, where the make-up retailers will open over 800 mini-shop inside Kohl's by 2023. Tesla (TSLA  ) shares continued to gain momentum after the S&P Dow Jones Indices updates that the company will be added to the S&P 500 all at once before opening bell on Dec. 21.

For Sector Performance, only Industrials (XLI  ) slipped into negative territory on Tuesday as the broader market rose higher on increased economic recovery optimism. Tech-heavy Communication Services (XLC  ) increased the most at nearly 2%, while Financials (XLF  ), Information Technology (XLK  ), Real Estate (XLRE  ) and Materials (XLB  ) rose over 1% to round out the top five gainers.

For Commodities and Currency, the U.S. Dollar (UUP  ) fell on Tuesday as investors became more optimistic towards riskier bets on the prospects of further U.S. fiscal stimulus. The dollar index, which tracks the greenback against other global currencies, slid 0.6% to 91.361. Gold (GLD  ), conversely, jumped over 2% as more stimulus could lead to more inflation and investors used the yellow metal as a hedge. Spot gold gained 2.15 to $1,814.99 per ounce, while gold future settled 2.1% higher at $1,818.90 per ounce. Crude oil futures slipped on Tuesday as OPEC and its allies postponed additional policy talks for next year's output to Thursday instead of Tuesday. International benchmark Brent Crude (BNO  ) settled 0.6% lower at $47.42 per barrel, while West Texas Intermediate (USO  ) dropped 1.74% to $44.55 each.

For the mid-week, investors will turn their attention to ADP Employment report as well as the Federal Reserve's Beige Book.