Stocks rose across the broader market on Tuesday as Congressional lawmakers unveiled a new bipartisan stimulus bill and the Food and Drug Administration confirmed the efficiency and safety profile of Moderna's (MRNA  ) coronavirus vaccine candidate, paving the way for its emergency use authorization that could come as soon as Friday.

Lawmakers in Washington released a new $908 billion stimulus proposal after market close on Monday, splitting the package into two separate bills. The larger $748 billion proposal include more programs favored by both sides of the political aisle like small business loans, unemployment insurance, vaccine distribution funds, and rental assistance. The smaller $160 billion bill outlines more contentious proposals like business coronavirus liability protections and financial aid to state and local governments. Congress plans to attach this virus relief package to another large government spending bill for the fiscal year, which must be passed by Friday to avoid a government shutdown.

Here's how the market settled on Tuesday:

S&P 500 Index (SPY  ): +1.29% or +47.15 points to 3,694.64

Dow Jones Industrial Average (DIA  ): +1.13% or +337.76 points to 30,199.31

Nasdaq Composite Index (QQQ  ): +1.25% of +155.02 points to 12,595.06

For Stocks, Apple (AAPL  ) made big moves on Tuesday after Nikkei reported that the company will increase iPhone production by roughly 30% in the first half of 2021. Baidu (BIDU  ) also jumped following a Reuters report that the Chinese search-engine giant is in talks to possibly produce its own electric vehicles. Baidu already operated an autonomous driving and internet connectivity unit.

For Sector Performance, all 11 sectors on the S&P rose alongside broader market gains, with Utilities (XLU  ) and Energy (XLE  ) increasing nearly 2%. Notable performance gains were also seen by Materials (XLB  ), Real Estate (XLRE  ), Financials (XLF  ), Information Technology (XLK  ), Industrials (XLI  ), Health Care (XLV  ) and Consumer Discretionary (XLY  ); all increased over 1%.

For Commodities and Currency, the U.S. Dollar (UUP  ) slipped on Tuesday as Congressional progress towards coronavirus relief boosted risk sentiment as outlooks turned optimistic towards economic recovery. The dollar index, which tracks the greenback against other global currencies, fell to 90.575 on Tuesday. Gold (GLD  ) prices gained on the falling dollar as investors looked to the yellow metal to hedge against possible inflation following the passage of additional coronavirus fiscal stimulus. Spot gold gained 1.4% to $1,852.36 per ounce, while gold futures settled 1.35 higher at $1,855.30 per ounce. Crude oil futures also rose on recovery optimism due to the initial roll out of coronavirus vaccines, which temporarily outweighed near-term demand impacts of additional lockdowns in Europe. International benchmark Brent Crude (BNO  ) climbed 0.8% to $50.70 per barrel, while West Texas Intermediate (USO  ) jumped 1.34% to $47.62 each.

For the mid-week, market participants will turn their attention to the Federal Reserve Chairman Jerome Powell's speech on the Federal Reserve's latest monetary policy following its last Federal Open Market Committee meeting for 2020.