Stocks rose to new heights on Tuesday, shaking off earlier losses as investors bet on a speedy economic recovery in 2021 following the near-term roll out of multiple coronavirus vaccines. All three market benchmarks closed with new record highs, with the S&P 500 settling above 3,700 for the first time ever.

Market participants were optimistic towards a rapid end to the coronavirus as the United Kingdom began to administrer the Pfizer (PFE  )-BioNTech (BNTX  ) vaccine to health care workers and the elderly on Tuesday. Separately, the U.S. Food and Drug Administration announced that the vaccine provides over 50% efficiency after the first dose and does not raise safety concerns.

Meanwhile, investors turned their attention to developing coronavirus stimulus talks in Washington as daily new infections continued to surge throughout the country. Congress is set to vote on Wednesday on a continuing resolution to fund the government until next week to avoid a government shutdown. Lawmakers are also working towards a potential compromise towards further stimulus as December expirations for CAREs Act protections for evictions and unemployment aid loom in the weeks ahead.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): +0.28% or +10.30 points to 3,702.26

Dow Jones Industrial Average (DIA  ): +0.35% or +104.09 points to 30,173.88

Nasdaq Composite Index (QQQ  ): +0.50% or +62.83 points to 12,582.77

For Stocks, Tesla (TSLA  ) declined throughout the session but ultimately closing in positive territory after the electric carmaker issued another share offering intending to raise up to $5 billion. This was the second time in three months that the company launched a multi-billion capital raise as Tesla sought to capitalize on the high interest the stock has garnered since its S&P 500 inclusion announcement.

For Sector Performance, sectors ended the session mixed despite the broader market highs. Energy (XLE  ) was the biggest gainer, increasing over 1%, while Health Care (XLV  ) and Materials (XLB  ) rounded out the top three. Real Estate (XLRE  ) was the biggest loser, falling -0.50% lower into negative territory.

For Commodities and Currency, the U.S. Dollar (UUP  ) gained slightly on Tuesday as U.S. equities came under pressure as investors sold off recent gains. The dollar index, which tracks the greenback against other global currencies, rose 0.1% to 90.978. Gold (GLD  ) prices increased on Tuesday as sentiment remains high towards near-term U.S. fiscal stimulus as coronavirus cases continue to surge heading into the holiday season. Spot gold climbed 0.2% to $1,866.76 per ounce, while U.S. gold futures settled 0.3% higher at $1,871.60 per ounce. Crude oil futures ended mixed with slight gains and losses on Tuesday as surging coronavirus cases soured vaccine optimism and fuel demand outlooks. International benchmark Brent Crude (BNO  ) gained by a few cents to settled at $48.86 per barrel, while West Texas Intermediate (USO  ) fell 0.3% lower at $45.60 per barrel.

For the mid-week, market participants will focus on a fresh job openings report for october, as well as new developments surrounding the coronavirus and additional stimulus.