Relief rally lifts Wall Street to record highs on Monday

• Senate reaches a deal to end the government shutdown.
• Energy sector adds more than 2% to lead gains.
• Tech closes at all-time highs.

Following the choppy trading action in the first couple of hours following the opening bell on Monday, major equity indexes gained traction to refresh their intraday record highs as investors heaved a sigh of relief with the U.S. government reopening and the primary focus shifting back to Q4 earnings.

After failing to get enough votes to pass the spending bill through the Senate on Friday, the U.S. government shutdown on Monday. However, as expected, with Republicans agreeing to allow Democrats to bring an immigration bill to the Senate floor, the government reopened through February 8.

“The only way politics affects what the market does is if they end of having a negative impact on the economy and corporate earnings and so far that hasn’t been the case. The market has been more than willing to ride the tailwind of better global growth and higher corporate earnings, not only in the U.S. but globally,” Michael Arone, Chief Investment Strategist at State Street Global Advisors in Boston, told Reuters.

With the market sentiment improving in the second half of the session, the risk-sensitive S&P 500 Information Technology Sector (SPLRCT) gathered momentum to close the day 0.87% higher. 

The S&P 500 Energy Sector (SPNY) became the best performing sector of the day by rising more than 2%. After testing the $63 mark earlier in the day, the barrel West Texas Intermediate edged higher toward the $64 mark, supporting the sector's upsurge on Monday.

The Dow Jones Industrial Average gained 142.33 points, or 0.55%, to 26,214.05, the S&P 500 added 22.72 points, or 0.81%, to 2,833.02 and the Nasdaq Composite rose 70.81 points, or 0.97%, to 7,407.19.